FoundationsA foundation is a vehicle which enjoys legal personality and which fulfils similar functions as those of a trust, but with the administrative flexibility of a company. It is mostly used in wealth management, estate planning and asset holding and is the civil law answer to the trust. AAMIL provides administration services for foundations, including the provision of a company or a third-party to act as founder and as a member of the Council and for the opening of bank accounts, amongst others.
The following are the major advantages of foundations :
- Legal personality.
- Confidentiality
- Protection of assets from the debtors of both the founders and the beneficiaries.
- Possibility of avoiding forced heirship rules in some jurisdictions.
- Investment flexibility – the Protector (who may be the founder) may retain the power to issue investment instructions.
- A foundation can hold various types of assets under a single structure.
