Processes

There are two processes to establishing trusts, covering the two key types of clients:

As the client has a UK address, or the IFA confirms that the UK is the point of sale, the client purchases the bond directly from AEGON Scottish Equitable International and then assigns it to the trustees. Please note that AEGON Scottish Equitable International requires the IFA to be regulated by the Financial Services Authority.

As the client is located in a jurisdiction where AEGON Scottish Equitable International does not have an appropriate licence to accept business, the client establishes a trust in Jersey, which is an acceptable territory, and the trustees then purchase the Bond. Please note that the trustees require the IFA to be regulated by the FSA or another recognised authorised body.

You will find details of the various stages of the process i.e. from the initial enquiry to the branch consultant at the local Scottish Equitable branch to the purchasing of the bond/establishing of the trust. There are also details of the documents required by both AEGON Scottish Equitable International and Moore Stephens.

Information Gathering Checklist

As ‘offshore' business can be complex, it is important to identify early on whether our service is appropriate for the client, and indeed maximise any opportunities available.

The information gathering checklist helps to gather basic information about the client's current and future circumstances and details of assets. This would be sent to the relevant offices in the client's country of domicile and residency on a strictly confidential basis.

Information Sheets

Choosing an appropriate trust and /or offshore company

This determines the most appropriate vehicle depending on the client's assets and the complexity of their affairs. It also details the three different services.

Short Form Trust Services Including Fees and Costs

This gives full details of the service, which has been designed specifically for AEGON Scottish Equitable International clients.

Moore Stephens, Jersey client application form, including terms and conditions

This requests the following information:

This information will form the basis of the trust instrument:

Please note that page 3 gives details of the documentation required in order to accept the client (evidence of identification from the settlor), declaration from the IFA as to the source of funds, and copies of the tax and legal advice.

Standard wording

These documents are designed to assist the IFA and the client in providing us with appropriate information to establish the Jersey trust:

The current standards available are as follows:

Deed of Assignments

This is AEGON Scottish Equitable International 's deed of assignment and would be used by clients with UK connections when assigning the bond to the trustees.

Covering Letter ‘to Moore Stephens, Jersey, from Clients with no UK connections'

This is a standard letter in which the client requests the establishment of a trust.

The letter would also cover the following:

Short Form Trust

Instrument of Trust

This is a copy of the trust document. Although suitable for many clients, MSJ recommends that the client seeks legal advice to check that it is suitable for their own circumstances. A copy of the ‘Long Form' trust instrument can be provided for comparative purposes, upon request.

Example Letter of Wishes

To enable the Settlor to indicate in writing how they wish the trustees to manage the trust and its assets both during their lifetime and in the event of his/her spouse's death. It is not a legally binding contract between the settlor and the trustees For further details see ‘Offshore Trusts, A Moore Stephens Jersey Guide to their Uses and Advantages' in the General Information Sheets section.

General Information Sheets

These are our standard information sheets and are designed for clients who require additional information.

Current sheets available are as follows:

Offshore Company/Long Form Trusts

This document details the preferential Moore Stephens' fees for AEGON Scottish Equitable International clients

PO Box 236, First Island House, Peter Street, St Helier, Jersey, Channel Islands, JE4 8SG