Certificate: Trusts in Cyprus - Law, Practice, and Management

To be announced

UNIT 1: Introduction to Trusts

1. Overview of the historical origins of trusts – common law and equity
2. The evolution of the trust from simple arrangements to complex legal structures
3. Defining a trust – differentiating between the settlor, trustee, and beneficiary
4. Setting up a valid trust – the criteria
5. Cyprus Legal Framework
6. Types of trusts and their characteristics
7. The process of setting up a trust - including the drafting of trust deeds and the selection of trustees and beneficiaries
8. Group discussion on circumstances appropriate to set up a trust.

UNIT 2: Types of Trusts

1. Overview of various types of trusts
2. Bare Trusts
3. Discretionary,
4. Fixed trusts
5. Charitable trusts
6. Asset protection
7. Local Trusts
8. International Trusts
9. Choosing the right trust – guidance for assessing client needs, objectives, and the tax implications
10. The importance of understanding the client’s family structure and long-term goals.
11. Understanding and advising on the most appropriate trust for clients
12. Quiz on types of trusts.

UNIT 3: Advantages for setting up a trust – guiding the client

1. Exploration of the advantages of using trusts
2. Using trusts in estate planning
3. Case studies
4. Use of trusts incorporate structures
5. Analysis of trusts in international financial planning and addressing cross- border legal and tax implications
6. Discussion of the challenges and opportunities presented by modern trusts – including digital assets and the impact of evolving legislation.

UNIT 4:Setting up a trust

1. Critical considerations involved in choosing the appropriate jurisdiction for setting up a trust.
2. Comparative analysis of trust jurisdictions
3. Setting up a trust - step-by-step guide and breakdown of documentation requirements for setting up a trust – Local trust
4. Setting up a trust - step-by-step guide and breakdown of documentation requirements for setting up a trust international trust.
5. Drafting the trust deed – what types of clauses can we incorporate- review of templates and spotting what is wrong with them.
6. Practical case law and scenarios and choosing the correct clauses to include
7. Legal and regulatory compliance – registration, etc.

UNIT 5: The Role and Responsibilities of Trustees

1. The fundamental role of trustees in trust management – Fiduciary duties, the law, and the trust deed.
2. Trustee appointment and formalities
3. Duty of care and standard of care – differentiation according to various trustee decisions and actions
4. Removal of trustees by various actors - law and formalities
5. Resignation of trustees – formalities and handover to the successor trustee
6. Appointment, removal, and powers of trustees
7. Review of documentation concerning the management of the trust as an example

UNIT 6: Trustee Powers

1. Discretionary and fixed powers
2. Statutory basis of trustee powers
3. The Powers of investment, legal framework, investment decisions, diversification portfolio management, and risk management.
4. Power to delegate and appoint agents – legal framework, decision to use agents, and oversight and responsibility.
5. Individual consideration of a scenario and then group discussion of thoughts.

UNIT 7: Liability and risk mitigation of trustees

1. Analysis and case studies of the liability of trustees.
2. When can you get into trouble?
3. Establishing a breach and available defenses.
4. Trustee exemption clauses
5. Indemnification?
6. Strategies to mitigate risk.
7. Practical case study and Group discussion to cement knowledge.

UNIT 8: Beneficiaries and Trust Administration

1. Overview of the position and rights of beneficiaries within the trust framework
2. Legal principles underpinning beneficiaries' rights, drawing from statutory provisions and common law precedents.
3. Beneficiaries right to information
4. The role of the protector in trust structures
5. Analysis of the legal status of the protector
6. Navigating changes in beneficiary circumstances.

UNIT 9: Legal Intervention and the Role of the Court

1. Overview of the reasons for and the nature of court interventions in trusts
2. Examination of the powers courts hold concerning trusts
3. The court's authority to intervene – when is it engaged?
4. Step-by-step guide on the procedural requirements for filing applications with the court
5. Necessary documentation and evidentiary support needed for court applications
6. Individual consideration of a scenario and then group discussion of thoughts.

UNIT 10: Advanced Applications of Trusts

1. Administering a trust with dispositive and/or administrative powers for a protector
2. Implementing estate plans through trusts, especially in forced heirship jurisdictions
3. Asset protection trusts and their structuring
4. Understanding and administering purpose trusts and foundations
5. Individual quiz.
6. Quiz feedback

This course is aimed towards:

• Lawyers

• Legal Advisors

• Corporate administrators

• Fiduciary Service Providers

• Auditors

• Accountants

• Compliance Officers

• Trustees

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