Bay Trustees provide trustee and administration services to family trusts, as well as protector services to trusts and consultancy services to trustees

Family Trusts

Family trusts offer a diverse array of structures tailored to meet specific family and financial objectives. Among these structures are discretionary trusts, which give trustees broad discretion in distributing assets to beneficiaries, and life interest trusts, which allocate assets for the lifetime benefit of specified individuals.

Trusts offer a structured mechanism for fulfilling legal obligations while safeguarding family assets and interests. They are established for a variety of reasons, such as asset or business preservation, family protection, tax and estate planning or the implementation of court orders. They facilitate the orderly distribution of assets and play a crucial role in minimising potential disputes.

The establishment of a family trust typically begins with a settlor, who, working in collaboration with legal and tax advisers, may initiate the trust during their lifetime or through provisions in their will. The trust document outlines the trust’s objectives, beneficiaries and administrative framework. Trustees, appointed by the settlor, assume responsibility for managing the trust’s assets in accordance with the trust deed and applicable laws, all the while acting in the best interests of the beneficiaries.

With over 25 years’ experience of advising on trusts and acting as trustees, we understand the prerequisites for a good trustee. Trustworthiness, integrity, discretion and independence should be taken for granted in any trustee, but efficiency, responsiveness, commercial understanding and technical expertise are also all vital components of a professional trustee’s skillset.

We are committed to ensuring that our clients receive a trustee service with all these attributes that is both appropriate to their needs and to the highest standard. We maintain a close relationship with our clients and pride ourselves on providing, within the confines of a trustee’s role, a proactive and solution-focused service.

Protector Services

Protectors for family trusts have become more common in Ireland over recent years. They would generally have a connection to the family. Their specific duties depend on the trust deed: they may only be given power to appoint new trustees or they may have a more extensive supervision or oversight role.

Consultancy Services

Bay Trustees has been established to provide direct trustee services to trusts. However, consultancy services are provided to trustees where required.

For further information on our services, please contact us.