Family trusts comprise both discretionary and life interest trusts and can be 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 are set up by a settlor either during the settlor’s lifetime or through their will.
Share schemes are set up by companies for the benefit of their employees. They range from Revenue approved profit-sharing schemes (APSSs), which are principally run for the benefit of multinationals in Ireland, to small restricted share schemes (commonly known as clog schemes), which are typically set up for single employees of private companies.
Commercial trusts comprise any trust arrangement put in place for investment or business purposes. For example, investments made by pension and private investors can require a security trustee to hold the security and banks may seek a trustee to hold unclaimed deposits.
Bay Trustees has been established to provide direct trustee services to trusts. However, consultancy services are provided to trustees where required.
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.
Bay Trustees & Protectors Limited
Registered in Ireland No. 714414
Registered office: 15 Herbert Place, Dublin 2, D02 X289
Directors: Jeremy Mitchell, Paul Gilmer
Email: [email protected]
Telephone: +353 1 574 5844
Bay Trustees & Protectors Limited is authorised by the Minister of Justice to carry on business as a Trust or Company Service Provider (TCSP)