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    Family Trust for private assets

    Family Offices may use this flexible vehicle to structure the holding of their wealth by bringing all or part of their assets into such a Special Limited Partnership.

    The member of the oldest/first-generation (founder) brings his assets in kind to the SLP who will issue different types of shares; one category of shares per generation (the first generation receives share A, the second share B, and the third share C).

    Each category of shares can be freely organised in the Limited Partnership Agreement (“LPA”) and the LPA can provide the following:
    • the duration of the SLP (unlimited or a limited period of time) and the way the assets should be distributed in such case
    • the method of reimbursement of partnership interests and the conditions to be met
    • the entitlement of partners to the profits (and losses) of the SLP
    • distributions to the partners, conditions, which may depend on the type of shares
    • voting rights (which are usually given to the first generation)
    • the transfer of partnership interests (restriction or other conditions)

    There is no statutory obligation for any of the partners to be based in Luxembourg. There is no limit on the number of partners, category of shares, the conditions – for instance, the ones to be applied to a category of share or even for one particular partner namely (case of the spouse(s) or children of different unions).

    Specific provisions for SLPs as Family Trust

    • The LPA can provide for the appointment of an investment committee.
    • The succession can also be planned by providing rules whereby the first category of shares receives all the voting rights and right to distribution.
    • These rights are only granted to the next category of shares when the holders of the first category of shares have disappeared.
    • The management can be conducted by a specific committee and its right is limited or subject to a veto right of a category of shares or one particular person.
    • The LPA can provide for the issuance of share giving the right to only one asset (tracking shares) or one category of assets or a portion of the capital of the SLP, excluding the other assets.

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