Third Party Trusts

With a third-party trust, the beneficiary is the client so you would:

1. Set the beneficiary up as a client on the platform as you would with a standard client
2. Create a new account, selecting a Third-Party Offshore Bond as the account type
3. Select the Offshore Bond Provider – currently Canada Life International is the only option but we are in discussions with Utmost as well.

Direct Trustee Investment

With a Direct Trust, the Trust itself is the client and the trustees can instruct on the account. With this type of trust, you would:

1. Ensure any required beneficiaries are set up on platform prior to creating the trust account (this is so they can be AML checked).
2. Create a ‘Trust client’ from within the ‘Clients’ tab on the platform.

Summary

In practical terms, for a third-party arrangement, we don’t recognise the trust arrangement as it is considered to be outside of the investment.