Bank of The Bahamas Trust and Private Banking hosted an information-packed breakfast in Freeport on February 28th to discuss a range of financial services including private banking rights and benefits, pension fund arrangements and standard trusts as well as those specially created for the Bahamian corporate and individual market.  The breakfast was held at Pelican Bay at Lucaya and attended by leading professionals from the Grand Bahama business community.

Dianne Bingham, Senior Manager of BOB Private Banking debunked the misconception that trusts are only for the wealthy and explained that a wide range of trusts exist to provide for different needs.

“Among the newest of the trust products is the trust specifically drafted for the holding of real estate. This allows you to ensure your family home is left to the immediate family member or members of your choice without your wishes being subjected to probate or possible conflict and without the imposition of stamp tax on the value of the home,” she said.

She noted that BOB offers 6 types of trusts which include purpose trusts, personal trusts, beneficiary trusts, executor/will trusts, pension trusts and court appointed trusts.

According to Mrs. Bingham one of the most frequently sought after trusts is for the assignment of a beneficiary to insurance policies and annuities.

BOB’s Private Banking and Trust arm was launched in 2000, to become the first financial services center to offer Trust services for Bahamians.

Dianne Bingham, Senior Manager, Bank of The Bahamas
Private Banking & Trust