Jersey’s new foundation law is designed to blend the highly attractive features of both Jersey corporations and Jersey trusts. It provides an alternative financial planning vehicle to companies and trusts for wealth management, philanthropic and charitable giving.
The Jersey foundation is an entirely new type of Jersey legal entity and will not be an exact equivalent or copy of any foundation established in any other jurisdiction, as it has been modelled on the best features present in the laws of other jurisdictions.
The nature of a foundation is that it has separate legal personality. It is able to contract with third parties, sue and be sued in its own name and holds its own assets. It does not, however, have shareholders; the assets are held for the benefit of beneficiaries or for a specified purpose.
One of the most common uses of a foundation is to carry out charitable or philanthropic purposes and for those individuals and families who wish to structure their affairs for this purpose Volaw is able to establish and administer such structures.
We have experience of working closely with both settlor and advisor to achieve the philanthropic objectives of the client.
We offer an efficient, discreet and cost effective service and have the necessary expertise to provide all the components to enable the smooth administration of a philanthropic structure.