Trust Services in Singapore

It is a known fact that we cannot take our wealth with us when we go. However, a careful estate planning allows us to have a say in how our wealth will be distributed when we are gone.

 

Estate Planning Services in Singapore

Estate planning, as the name implies, plays an important role in protecting the beneficiaries, be it protecting minor beneficiaries, or protecting adult beneficiaries from making bad decisions due to external influences, creditor problems or overbearing spouse. Indeed, a proper estate planning can prevent family discord and huge legal expenses by taking the time and effort to designate a guardian and trustee for your minor beneficiaries. On top of that, you can create an estate plan to protect the adult beneficiary from making bad money decisions.

 

Will Writing Services in Singapore

In general, basic estate planning always starts with a Will. A Will is a legal document that stipulates clearly on who will receive your assets at your death and who is the executor (a person in charges of assets distribution). A carefully crafted Will deals with not only the property distribution, but it also stipulates important decisions like who will take care for minor children if both parents passed away.

However, Wills are not always the best. It is because a Will takes effect when you passed away and it has no effect while you are alive or in the event of your incapacity. That is where a Trust can help.

A Trust is usually a legal arrangement that can provide the care of your assets (and your minor children) in the event of your incapacity. In other words, a Will takes effect when you passed away but a Trust takes effect right now.

 

Trust Management Services in Singapore

The main difference between a Will and a Trust is that a Will will take effect only after you passed away, while a Trust takes effect immediately. A Trust is part of the estate planning that can be used to begin asset distribution before death, at death or afterwards. A Trust is a legal arrangement through which a Trustee (a person or an institution like a bank or law firm) holds legal title to property or assets for another person, who is called a “beneficiary”.

A Trust gives you the ability to control how your properties/assets are managed both during and after you passed away. This feature appeals to those with special circumstances, be it having a minor in a family, or having a family member requires special needs, or requiring a succession planning for a business.

 

Trustee Services in Singapore

A Trustee, as the name suggests, is a person or firm that is responsible in the administration of property or assets for the benefit of a third party. A trustee may be appointed for different purposes, be it in the case of bankruptcy, or for a charity, or for a trust fund or types of retirement plans. In general, Trustees are trusted in decision making that will safeguard the beneficiary’s best interests. Often, Trustees have the fiduciary responsibility to the Trust beneficiaries.

 

Private Trust Setup in Singapore 

A Private Trust Company (“PTC”) is a company (one of the corporate vehicles) is the acting Trustee of a Trust. While the Trust has the same function as in a conventional Trust, the acting trustee is in control of the Trust. You can decide whom you want to appoint as directors of that PTC – which usually consists of a combination of your family members or representatives and professionals with expertise in trust law and administration. A PTC comes with a greater degree of control or influence as well as flexibility in asset management and Trust’s administration.

 

How We Can Help?

Creating an estate plan is a major life decision and it needs time to think about what works best for you. Our associate partners in estate planning will help you to consider all the relevant factors when comes to estate planning and wealth distribution, from your family, your estate planning goals to your assets/properties.

We highly recommend that you get the professional consultation by engaging a qualified, experienced estate-planning specialist before drafting your estate plan. Contact us today!