Navigating the complex legal and financial landscape of international trust services can be a daunting task, especially for individuals and businesses who are unfamiliar with the intricacies of such arrangements. For every entity created with Southpac, a qualified legal professional is assigned to deal with that entity and retain direct contact with the settlor, beneficiaries and any other party connected to that entity. As a lawyer working in the international trust industry, I have seen first-hand the many benefits that this approach can provide. In this article, we’ll explore some of these advantages in greater detail and explain why having a qualified legal professional assigned to your international structure can be critical to achieving your objectives.
Efficient and Effective Communication
Efficient and effective communication is crucial in the international trust industry, where clients often require accurate and timely information to make informed decisions and formulate requests regarding complex legal and financial matters. By having lawyers which are in direct contact with clients, Southpac can ensure that communication is streamlined and effective, thereby enhancing trust and confidence.
Effective communication involves providing detailed updates on the status of the trust and promptly answering complex questions the clients may have. The lawyer can also inform clients of any changes or developments that may affect their interests. By having a direct line of communication with clients, the lawyer can quickly address any concerns or issues that arise, thereby providing a higher level of customer service.
Efficient communication also saves time and resources for our clients. By having direct access to a lawyer, there is no need for the clients to repeat their concerns or issues to different people within the company or for these to be relayed internally. This avoids potential miscommunication, confusion and delays, which can be costly and time-consuming.
Having a lawyer directly assigned to clients also helps build a long-term relationship between them and Southpac. The lawyer can gain an in-depth understanding of the clients’ needs, goals, and concerns, which can help them provide better-tailored services. This personalized approach helps the clients feel valued and understood, and fosters a relationship based on confidence and understanding.
Risk Management
Having a lawyer assigned to each client is also beneficial when it comes to risk management and asset protection. International trust services involve a degree of regulatory, legal and financial complexity that must be managed effectively and accurately to protect the client’s interests.
By having lawyers directly assigned to clients, Southpac can provide a higher level of risk management. The lawyer can provide recommendations to the client and the trustee on risk management strategies such as asset protection, and is able to ensure that the trust is compliant with all relevant laws and regulations and set up and maintained in a way that ensures optimal asset protection can be achieved.
For example, working in conjunction with the trustee, the lawyer can assist with ongoing monitoring and management of the trust to ensure that it remains compliant with applicable laws and regulations and is operated in a way which ensures the integrity of the trust is maintained.
Furthermore, having a lawyer can also help to identify potential risks before they become problematic. The lawyer can review the trust’s unique circumstances and take action to mitigate potential risks that may arise in the future.
The Lawyer as an Intermediary
Southpac lawyers act as intermediaries between the clients and the trustee. Lawyers are trained to communicate effectively and professionally, and they can help to ensure that everyone involved in the trust management process understands each other’s goals and objectives.
By acting as a go-between, the lawyer can help to clarify any misunderstandings or disagreements that may arise, while also ensuring that everyone’s wishes are passed on to the trustee for consideration with clarity and accuracy. This will ensure that the trust is managed effectively and efficiently.
While it may seem like an additional expense for the trustee to have a lawyer specifically assigned to deal with a trust, the reality is that it can save time and money in the long run by preventing legal complications and streamlining the trust management process.
Furthermore, a lawyer can help prevent mistakes that could lead to costly legal battles. Ultimately, by investing in a lawyer as an intermediary, Southpac is able to provide the best possible service to its clients while also protecting the trustee’s interests.
Conclusion
Assigning lawyers as primary points of client contact can provide a more customized solution for the client’s needs, pinpointing current demands, reviewing future concerns and tailoring a more personal trusteeship. By working closely with clients, the lawyer understands their goals and objectives, and can then liaise with the trustee to tailor the trust structure accordingly.
Having ongoing support and guidance from the lawyer ensures that the trust structure continues to meet the client’s evolving needs. The lawyer can review and provide input on any changes or transactions that may be requested.
Having a lawyer acting as an intermediary between the settlors, beneficiaries, and the trustee can offer numerous benefits. From improved communication to legal expertise and cost-effectiveness, this approach can help to ensure that trusts are managed effectively and efficiently.
Trustee companies which do not assign legal professionals to their clients may not be able to provide customized solutions tailored to the client’s specific needs, resulting in a one-size-fits-all approach that may not adequately protect the client’s assets or achieve their objectives.
Finally, without a dedicated lawyer to manage risk, the client’s asset protection structure may be more vulnerable to regulatory, legal, and financial risks, potentially leading to losses or penalties.
Southpac Group has a highly experienced legal team, which includes both qualified lawyers and paralegals, that is in constant contact with clients to provide a world-class service and offer the best available asset protection structures.[/vc_column_text][/vc_column][/vc_row]
