Many of us have heard of the trust and foundation available to private individuals. However, not all are familiar with the main characteristics and to the endless possibilities offered by these two institutes.
Anyone who has decided to put aside some of their assets for the benefit of future generations can set up a trust or foundation. Establishing a trust or a foundation is an effective way to hold, protect and manage one’s wealth. In addition, trusts and foundations also initiate important structures to provide a means of sharing, managing and maintaining a family’s wealth, protecting it for future generations (North et al., 2018). Such planning goals include establishing a lasting legacy through the two primary options which are either to establish a trust or a foundation.In Mauritius, trusts are governed by the ‘Trusts Act 2001’ whereas foundations are governed by the ‘Mauritius Foundations Act 2012’.
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The topics which follow should serve as a simplified guide to understand the basics of trusts and foundations.