Trusts - and more particularly Offshore Trusts - have become an integral part of wealth and tax planning worldwide. What started as a uncomplicated understanding between a wealthy land owner (the Settlor) a Trusted friend or relative (the Trustee) and the land owner's dependants (the Beneficiaries) has now become a refined planning tool administered by modern laws tailored to meet the needs of Settlors and Beneficiaries employing professional Trustees to protect their family or corporate wealth. Apart from the Trust itself, the Letter of Wishes is perhaps the most important document connected with a discretionary Trust. Although not a legally binding contract between Settlor and Trustee, a Letter of Wishes enables Settlors to indicate, in writing, how they wish the Trustee to manage the Trust and its assets. The Trustee must always act in agreement with the Trust for the benefit of the Beneficiaries.

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