Building Legacy On A Foundation - 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.