Trusts glossary of terms
Plain-language definitions used in MShore trust banking
When you submit trust updates or payment instructions, precise terminology helps us match your request to the correct parties and authorities. The terms below are commonly used in offshore trust banking with Maritime Shore International Bank.
If a document uses a different label for a similar role, quote the deed wording and explain the function of the party. Ambiguous titles can delay verification.
For process guidance, see trust FAQs and keeping trust information up-to-date.
- Settlor: the person or entity that establishes the trust and settles assets into it.
- Trustee: the party that holds legal title and administers the trust according to the deed.
- Beneficiary: a person or class entitled to benefit under the trust terms.
- Protector: a person with defined consent or oversight powers under some deeds.
- Letter of wishes: non-binding guidance from the settlor to the trustees, where used.
- Mandate / authorised signatory: the bank’s record of who may instruct the account.
Related topics: Offshore account FAQs, Opening and funding accounts, Updating account information, Multi-currency account management