Another core part of wealth management is the use of trust and companies to structure your wealth. These can be important in consolidating global assets in one location, mitigating tax and for succession planning. This includes using trusts as a way of managing how and when your assets are passed to your beneficiaries and protect against the expense and time of probate.

A trust is a legal agreement between the person (settlor) who creates the structure and the person or institution (trustee) who administers the trust. The trustee manages the assets within the trust for the benefit of a third party, the beneficiary.

The more complex your financial affairs then the more sophisticated will be the structuring and planning required. This will involve consulting a lawyer as well as trust company because of the legal issues that are likely to arise in such a situation.