The new Cook Islands International Relationship Property Trust (IRPT) recently featured at the prestigious STEP ASIA 2022 Conference in Singapore.

The Society of Trust and Estate Practitioners (STEP) is a global professional body, comprising lawyers, accountants, trustees and other practitioners that help families plan for their futures. STEP has more than 21,000 members in 96 countries.

The conference attracts legal, trust, tax and finance professionals from around the world. This year’s conference was attended by over 400 delegates from 25 countries, including the UK, USA, Singapore, New Zealand and the Cook Islands.

The highlight of the event was the panel presentation on “Divorce and trustees – planning ahead is key” where Reuben Tylor, director of local trust company Trustees & Fiduciaries Cook Islands, introduced the International Relationship Property Trust (IRPT) on behalf of the Cook Islands financial services industry.

The IRPT is a new, innovative trust product designed to provide couples in a relationship with more certainty as to how their property is managed in the event they separate.

Reuben and local lawyer Tony Manarangi were responsible for drafting the International Relationship Property Trusts Act 2021, and it is the first legislation of its kind in the world.

The STEP Asia 2022 was co-sponsored by Cook Islands Finance, who are responsible for the promotion and development of the Cook Islands financial services industry and were present at the event.

In a statement Cook Islands Finance interim chief executive Alan Taylor said: “Cook Islands Finance has been a sponsor of the STEP Asia Conference for a number of years and was again a proud sponsor of this year’s event.”

“The profile obtained and professional relationships developed from attending and sponsoring the STEP Asia Conference is of great value to the Cook Islands financial industry and in particular its trust sector. The networking opportunities are enormous.”

According to the statement, Reuben’s presentation and Cook Islands Finance’s exhibition table, where the focus was the IRPT, generated much interest in this new planning tool and is the beginning of a comprehensive marketing plan over the next six to 2 months to increase awareness of the IRPT and convert that interest into business for the Cook Islands financial services industry.