The trust protects you
For as long as anyone can remember, the attitude to property has been among the most important issues in human society. The ability to own, use and dispose valuable property is at the heart of many human actions and behavior patterns.
Accumulation of assets by some people and the inaccessibility or limitation of this to others have caused many problems and their consequences, especially during the initial development of human civilization. With the development of the state and its institutions, assets have become more protected from attacks by other persons. However, at the same time it increased the risk of being confiscated by the state, a bank or more privileged members of society.
While significant progress has been made later in protecting the assets of dutiful owners, it is still possible to be the target of an attack on their property. That is why a whole branch of law, called ‘Asset Protection’, appeared.
The main method of asset protection is legal distancing from assets, that is, transferring them from a subject whose property risks are high to another entity. This person is a trust. In this approach, the owner of the property loses legal connection with the transferred assets, but retains a certain level of control over them.
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The trust has granted me an opportunity to sleep safe and calm
The word ‘trust’ means ‘confidence’. What is the difference between the notions of ‘belief’ and ‘confidence’? A person can believe blindly, but confidence is a belief supported by actions and deeds. At first glance, a trust is very similar to a normal contract of assignment: one person authorizes another to manage his/ her property in one way or another. However, the similarity is purely external. The peculiarity of the trust is that the thing that is transferred to the management, irrevocably becomes the property of the manager. I can give an example of the situation where the trust is used. An old millionaire retires because he is no longer able to manage his entire fortune. He wants his sons to continue his work, but he does not want to simply give his sons large sums of money, apprehending that young people could squander them. Thus, our millionaire finds a reliable lawyer and concludes a trust agreement with him. Under this contract, the lawyer receives the state of a millionaire (trust founder) in his management. The lawyer undertakes to manage the fortune only and exclusively in the interests of the sons of a millionaire. He (the lawyer) has to finance their education, cover their expenses to set up their own business, etc. At the same time, the trust contract strictly prohibits the lawyer to pay from the allocated fortune for the expenses that would be unreasonable use of money in the opinion of the father (bets on races, excessive restaurant expenses, etc.). The founder of the trust may appoint a fixed annual rewarding for the performed work to the lawyer (Trustee) himself from the amount of the transferred property. Global Actual Services is the personal lawyer of each of us, the members of the club Alliance, that will monitor and guarantee the observance of our rights in any situation having taken control of our possession.
Dmitriy Levitskiy (Ukraine)
Private lawyer