Yes, such trusts have been in use for many many years, for family owned businesses, otherwise as family members marry and divorce, the family wealth would be rapidly dissipated in the divorces. Every time the owner of a business divorces, anything up to half the valuation of the business would be blown away. You can do that only so many times - as any divorced man past age 40 or so will have sussed out
But you don't need an
offshore trust for that purpose. Any suitable trust will do. I think the current shareholder of the family business must not be a Trustee, though (if he intends getting married).
I looked into this a while ago. It is a very specialised area, and most high street solicitors are not capable here - it also involves tax issues.
My life assurance company recently asked me to provide details of my flying activities in the next year inc. how many times i am going to fly abroad, where and when and how many hours!! this sounds like a get out for them if i kill myself and i have popped to letoque once to many times!!
If you faithfully declared your flying activities (or lack of them)
as they were at the time the life insurance (the term policy) was taken out, the Insce Co has zero business enquiring about your subsequent lifestyle. You remain insured, as long as you pay the premiums.