Advice on setting up a trust here in Cayman

rayababy

Hello all,

I'm looking to set up a family trust here in Cayman. I don't have much experience with this sort of thing and was wondering what the best approach would be. I know that trusts don't need to be registered documents with the registry here in Cayman and that I only need to establish a trust via a trust deed. I've looked online for templates but haven't been able to find any. I've only reached out to one law firm for assistance but they quoted me $10,000 to do this sort of work so I passed for now.

Anyhow if anyone here has any advice for me on this sort of thing I would be greatful.

Thank you

admin

rayababy In their most basic form trusts are not overly complex. There are however numerous factors to consider when establishing a trust. What I would recommend against is using ChatGPT or trying to find a generic template online. I think that you’d be better suited seeking professional advice. Look for estate planning attorneys here in Cayman, there are plenty that can help you. Also maybe avoid going to the biggest firms here on island like Maples who will inevitably charge more. Also keep in mind that legal fees are negotiable so try to strike a deal. Also I would suggest for this sort of thing that you try to establish a fixed price rather than an hourly rate.

sildarrio

Definitely don't just grab some template and expect that it's going to be suitable for your purposes. Also because often time banks and other financial institutions want a lot of documentations its best to get a professional involved if you can. $10K does sound expensive though so I would also suggest you shop this around.