Last Updated August 13, 2019

Law and Practice

Authors



Baker McKenzie S.A.S. has more than 6,000 lawyers and 77 offices worldwide. Led by Rodrigo Castillo Cottin, the firm's wealth management practice is highly renowned for its high level of expertise working with sophisticated clients in complex multi-jurisdictional reorganisation of assets and tax structures for family groups that lead the most important companies in the country. The firm develops global wealth management strategies that account for all of the applicable tax compliance requirements and commercial issues, which is a benefit given to clients that no other law firm in the country can offer. The firm is the only one with the infrastructure and international connection and co-ordination to offer an international coverage.

There are no specific laws that encourage fiduciaries to invest assets prudently. However, current regulations set forth a number of legal duties for trustees to invest and maintain their assets that cannot be delegated to third parties or waived. These include the following:

  • the duty to carry out trustee activities in a diligent manner;
  • segregation of assets;
  • assets in trust must be managed in accordance with the trust agreement;
  • a trustee must act on behalf of and for the benefit of the beneficiaries; a trustee must consult the SFC when in doubt of its duties or when it deems necessary acting against the instructions set forth in the trust agreement;
  • best efforts in maximising the trust's profitability;
  • upon the trust's termination, the trustee must transfer assets to the final beneficiary set forth in the agreement; and
  • a trustee must report accounts at least every six months.
Baker McKenzie S.A.S.

Ave Calle 82
No 10- 62 piso 7
Bogotá, D.C. 110221
Colombia

+57 1 634 1500

+57 1 376 2211

www.bakermckenzie.com
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Authors



Baker McKenzie S.A.S. has more than 6,000 lawyers and 77 offices worldwide. Led by Rodrigo Castillo Cottin, the firm's wealth management practice is highly renowned for its high level of expertise working with sophisticated clients in complex multi-jurisdictional reorganisation of assets and tax structures for family groups that lead the most important companies in the country. The firm develops global wealth management strategies that account for all of the applicable tax compliance requirements and commercial issues, which is a benefit given to clients that no other law firm in the country can offer. The firm is the only one with the infrastructure and international connection and co-ordination to offer an international coverage.

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