Dive into the intricate realm of trusts with the seasoned guidance of Advomi’s panel of legal experts. Our panel of lawyers is equipped with the expertise to ensure your interests are protected and your trust’s objectives achieved.
Let’s demystify trusts together.
At its core, a trust is a legal entity enabling a settlor to assign assets for trustees to manage on behalf of beneficiaries. This unique arrangement involves three primary roles: settlor, trustee, and beneficiary. Assets in a trust can vary from real estate to stocks, and beneficiaries can encompass family, friends, or charitable entities.
Why Consider a Trust?
Trusts offer adaptability, serving numerous purposes. In Singapore, a trust can bypass the age restriction on property ownership for those under 21, potentially optimize tax obligations, cater to the special needs of a loved one, or act as an investment vessel.
Decoding the Trustees Act 1967
With a trust, while trustees hold legal asset ownership, beneficiaries possess an equitable interest. The Trustees Act 1967 outlines the trustee’s obligation to prioritize beneficiaries’ best interests, detailing responsibilities such as asset maintenance and beneficiary advancement.
Embarking on Trust Formation
Creating a trust involves a trust instrument, which could be a contract, will, or deed. The trust’s complexity necessitates careful contemplation over its type and specifics. The fixed trust, for instance, has predetermined beneficiary allocations, while a discretionary trust grants the trustee distributive authority. Key trust elements include:
- Certainty of Object
- Certainty of Subject Matter
- Clear Intention
- Proper Constitution
- Required Formalities
Seek Expertise with Advomi
The intricate nature of trust law demands a well-versed legal ally. Our panel of lawyers, adept in trust intricacies, is poised to offer guidance tailored to your unique needs. For clarity and comprehensive support in trust matters, connect with Advomi.