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Trust - OverviewTrust complements a will to fulfill certain needs of your client which a Will sometimes cannot do. However, a will must always be written to cover all assets and beneficiaries.
Trusts are normally established for the following PURPOSES :- (a)Quick distribution of assets (The money in the Trust can immediately be used to provide for the dependant as Trust assets are not part of the Testator's estate); (b)Maintenance, education and medical funding of your dependants (effective immediately upon happening of certain triggering events eg. Death and TPD; (c)Preservation of estate (eg. Prevent sale or delay inheritance until certain conditions has been met); (d)Protection against spendthrift beneficiaries; (e)Protection against Settlor’s creditors (provided that it is not against public policy); (f)Protection against Beneficiary’s creditors; (g)Protection against from claims in a Divorce (provided that it is not against public policy); (h)Protection of the value of a business upon the death of business partner; (i)Provision for second family or various families confidentially; (j)Maintenance and medical funding of old age Single person (Settlor can be the beneficiary during his/her lifetime); (k)Preservation of wealth for 3 generations or more; (l)Family Business Succession; (m)Charitable purposes; (n)Holding real properties for association or religious organisation; and etc. Reminder : Before setting up a Trust, you need to be aware of anti-money laundering regulations. Click HERE for more details. |
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