PART I
In the estate planning arena, there has been a flurry of
activities in various common law jurisdictions in legislating and
promoting the concept of private foundation as an alternative to
trust. These legislative efforts are reminiscent of the development
in which common law trust or trust-like arrangements found their
way into some civil law countries.
A key driver of these initiatives to adopt a concept which is
indigenous to civil law traditions is likely to be the evolving
profile of high-net-worth families. As these families become more
international and the size of their wealth grows exponentially,
they demand a multitude of legal solutions to accommodate the
diversity and complexity of their needs. For jurisdictions who wish
to maintain a competitive edge in attracting clients to come
onboard, the ability to offer a tool box showcasing a wide range of
structures is crucial.
