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Create Trusts for Asset and Wealth Protection in Singapore – The Overview
A professional trust management provider such as 3E Accounting Singapore can help to protect your assets and wealth in Singapore by creating a trust. Every successful entrepreneur should plan for asset and wealth protection in case of unforeseen circumstances.
The Creation of an Asset Protection Trust
A trust is a legal arrangement that is created when a settlor (or trustor) transfers the property and/or other assets to a trustee who manages it for the benefit of the beneficiary. The details of the arrangement are specified in a trust document that also provides for specific rules of how the trust functions.
An asset protection trust (APT) is a type of financial-planning trust vehicle that can shield an individual’s assets from potential creditors, lawsuits, or any court judgments against a person’s estate. It can also be tailored in a way to ensure that outcomes of settlement negotiations are more favourable.
Establishing a trust helps to protect and a person’s wealth and assets while ensuring that they are distributed according to a settlor’s preferences and to suitable inheritors and desired loved ones.
Choosing a Suitable Trust Services Provider
As trustees can be in the form of trusted individuals or professional trust services provider such as 3E Accounting Singapore. A suitable trust services provider should be able to meet strict criteria especially due to the amount of control and responsibility they hold.
Certain criteria that should be met include that they should be able to:
- Are familiar with drafting and managing asset protection documents and arrangements
- Interpret legal trust documents accurately and professionally in order to properly administer the distribution of any trust assets to the beneficiary (or beneficiaries)
- Skillfully manage the finances of accounts within a trust and prepare any and all records on behalf of the trust (including statements and tax returns)
- Regularly communicate with beneficiaries in a clear and professional manner in order to keep them informed on the associated accounts and taxes
Looking for Trust Assets Administration And Management Services in Singapore?
3E Accounting Singapore is fully qualified and has extensive experience in trust-related matters. Our team of dedicated experts are fit and proper to carry out trustee services that can be tailored to a client’s specific requests and circumstances.
We are leaders in cost-effective professional solutions with expertise in professional company incorporation, accounting, corporate administration, company secretarial functions, compliance services, and more. We care about delivering quality service and are certified in various qualifications with high global standards of training and development.
Let our team of dedicated experts give you the service you deserve today.