The Cook Islands is a popular jurisdiction for asset protection trusts, and the recent introduction of the International Relationship Property Trust (IRPT) has added another layer of protection for couples and their families.
An IRPT is a trust that is designed to protect relationship property from the consequences of separation or divorce. Relationship property is any property that is owned by a couple, regardless of how it was acquired. In most jurisdictions, relationship property is divided equally between the parties in the event of a separation or divorce. However, an IRPT can be used to keep relationship property intact, even in the event of a separation or divorce.
To create an International Relationship Property Trust, a couple must first enter into a relationship agreement. The relationship agreement must set out the terms of the trust, including the property that will be held in the trust, the beneficiaries of the trust, and the powers of the trustees. Once the relationship agreement is in place, the couple can then establish the IRPT.
The International Relationship Property Trust is a flexible trust structure, and the terms of the trust can be tailored to meet the specific needs of the couple. For example, the couple can choose to have the trust managed by a professional trustee, or they can choose to manage the trust themselves. The couple can also choose to restrict the beneficiaries of the trust, or they can choose to leave the trust open to future generations.
The International Relationship Property Trust is a valuable asset protection tool for couples who want to protect their assets from the consequences of separation or divorce. The trust can also be used to provide for the future of their children and grandchildren.
If you are considering establishing an International Relationship Property Trust, it is important to speak to an experienced lawyer to discuss your specific circumstances.
Here are some of the benefits of a Cook Islands International Relationship Property Trust:
- Protection from divorce: In the event of a divorce, the trust assets cannot be divided between the spouses without both parties’ consent.
- Flexibility: The trust can be tailored to meet the specific needs of the settlors and beneficiaries.
- Confidentiality: The trust is confidential, and the details of the trust are not publicly available.
If you are considering using a Cook Islands International Relationship Trust contact us by email at info@trusteescookislands.com for our registration package and details.
