What Is Trust & How Does It Work
Trust services are an essential financial and legal tool that allows individuals, families, and businesses to safeguard and manage their assets in a structured and controlled manner.
A Trust is a legal arrangement in which a trusted third party, known as the trustee, holds and manages assets for the benefit of one or more individuals or entities, known as beneficiaries.
This arrangement is typically established through a legally binding document known as a trust deed or agreement.
Essential Components For Establishing Trust
Types of Trust
TESTAMENTARY TRUST
Where a Testator sets up a Trust within his/her will and such trust takes effect upon obtaining the grant of probate after death.
LIVING TRUST
Where the client (Settlor) transfers assets to the trustee to set-up a trust and provides direction on how shall the trustee manage and utilise the assets, and specify who are the beneficiaries of the Trust.
DECLARATION OF TRUST (STAND-BY TRUST)
Where the Settlor does not transfer any assets to the trustee but instead declares that these assets would form part of the trust upon the death or occurrence of certain events as stated in the Trust Deed.
