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Trust is a legal document often used for holding property. The trustee holds the legal title to the trust property where the beneficiary will have the equitable interest in the property. The trustee holds great responsibility in managing the Trust property on behalf of the beneficiary.
A trust is an equitable obligation binding a person (who is called a trustee) to deal with Property over which he has control (which is called trust property) for the benefit of persons (who are called beneficiaries) of whom he may himself be one and any one of whom may enforce the obligation.
The trustee (e.g., Parent) is the person who manages the trust property for the benefit of the Beneficiary (e.g., Child - Age below 21 years old)
The Beneficiary (a Child under age 21 years old) is the person who receives the benefit of the trust. The Beneficiary holds the equitable interest in the trust property
Using property trust as a vehicle for your investment is a popular choice among many savvy investors.
Factors like capital gains and good rental income are the main consideration factors when investing in a property.
Parking your hard earn monies under a Trust deed for a retirement account could be a good idea because the beneficiary could receive a steady stream of payout.
Corporate assets that are put under a Trust are usually properties, monies receivable, and intangibles items. Having a Trust being set up, this arrangement provides the involved parties a form of security over these assets.
Tax saving may differ based on the type of use and the assets involved.
Testamentary Trust is being used together with a Will to facilitate the distribution of estates which will control and protect the assets after the settlor's death.
Trust can be used to provide for a minor or someone who has special needs. Trust can also protect your monies and assets from creditors or your divorcing spouse.
Protect your monies in the process of having a divorce from your spouse. Protecting your assets from creditors in the event of bankruptcy.
Keeping assets, monies receivable, and intangibles assets in well auditability state. Trusts are common to ensure these assets are utilized properly in right lawful matter.
Drafting a Property Trust can be very complex and tricky due to the distribution of the assets and your property. Let our senior lawyers provide you the clarity that you need for your Trust.
Amendment of this Revocable Trust is possible, the settlor has the option to alter their beneficiaries which can be adding or removal of beneficiaries. The next option is the settlor can adjust the distribution of their assets to their beneficiaries.
An irrevocable trust is where the settlor gives the Trust assets to the trustee for the benefits of the beneficiaries. No changes can be made to the Trust once is the Trust is made.
Charitable Trust is a trust which promotes a charitable purpose that is designed to distribute fund or assets to a charity body or a non-profitable group. This Trust does not benefit any specific person individually.
Blind trust gives complete power of attorney to the trustee, and the trustee can decide how the assets can be disbursed.
A Trust is set up for investment proposes, these investment vehicles are Unit Trust, Business Trust, or Real Estate Investment Trust.
Fixed Trust is a Trust which entitles the beneficiary to a fixed income.
Can come in the form of a will, a deed, or a declaration.
A testamentary trust is to facilitate the transfer of assets to future generations, this Trust often comes in the form of a Will, a Deed, or a declaration. This Trust will be executed once the settlor has died and instructions will be given on how they want their assets to be distributed.
This trust ensures that the surviving spouse of the dead settlor is taken care of for the rest of their life, after the death of the surviving spouse the assets or real estate will be distributed to their children evenly. The children will have the choice of whether to sell the property and split the monies evenly.
Asset protection trust is also known as a Discretionary Trust. The unique feature of a discretionary trust is that the trustee is granted the power to exercise discretion in making distributions to the beneficiaries. Upon transferring the legal title to the trustee, the settlor has no more rights to the assets.
If the settlor goes into bankruptcy or insolvency, creditors do not have the right to claim the settlor’s assets provided the trust was made more than 5 years ago where no fraud was involved.
We love to discuss your property Trust and how to save those unnecessary taxes, so feel free to make an appointment to visit us at our Toa Payoh office.
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