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Trust Management Service in Singapore
What is Trust Management Service?
Trust management, as the name suggests, is an effective and systematic procedure that administrates and manages the assets on behalf of a person or business in the case of a death, divorce, or insolvency.
In general term, a Trust management service involves a trust company which is the fiduciary, or the agent or trustee that acts as the custodian for trusts and estates. To be precise, the trust company helps in the custodial arrangements, asset management, stock transfer, beneficial ownership registration and other related arrangements and the transfer of assets to a beneficial party.
Do You Need Trust Management Service?
“Do I need a trust management service?” you may have asked yourself. We all know that when it comes to asset management during your life or upon your death, it goes beyond usual arrangement and it usually needs the experience and expertise of a Trustee or Executor. Many people would think that the trust management is not for anyone but the rich. The truth is, trust management is not something for the rich.
So why would you need one? Let us put it this way: you have worked hard to provide security for your family by improving and monitoring your financial health. However, you need to also factor in unexpected derailments like ill health or accidents that could cause early resignation (earlier than you may have expected), or death. Therefore, an effective trust management will help you to mitigate risk and plan your asset management properly.
One method to safeguard the future of your finances is to establish a legal arrangement named a “trust.” Trust management actually helps you to maintain control of assets in the event of incompetence (due to ill health or any mishaps happened to you and you are unable to manage your assets). In the case when it involves a huge amount of assets, trusts may also be developed to maintain control over assets even after the owner has passed away.
How to choose a Trust management service provider?
A trust company, by definition, is a separate entity owned by either a bank, or other financial institution, or law firm, or independent partnership that carries out duty to manage trusts, and estates.
1. What is Trustee and its role:
A Trustee, is defined as a person or financial institution with a legal fiduciary duty to administer a trust for the benefit of nominated beneficiaries. Trustee’s duties vary where it may include bill payment, taxation, property management as well as investment management.
A Trustee’s Role:
- Possesses adequate knowledge and understanding of accounting, laws, court decisions, and regulations regarding trusts, insurance, and taxes.
- Possesses expertise in investments fields as well as the asset management.
- Someone proactive, attentive, reliable, and ethical while acting in the best interests of his or her client and beneficiary
2. Hiring a Trust Company
From the above, we know that it is not easy to get a person who is qualified to be a trustee. That said, you could opt to hire a trust company to manage your estate. A professional Trust company is said to be completely detached from any situation and will not be swayed. The most important thing is professional Trust company will bring in expertise and experience that beyond what a non-professional trustee can do.
We Are The Professional
We understand that finding one individual with all of the professional characteristics to manage a trust. Please contact us if you are scouting for an accredited agent or Trust company. Our associate partner’s trust management professionals are well trained to carry out the duties of a trustee and provide responsive service to the client.