A BIRD’S EYE VIEW OF COMMON TRUSTS IN SINGAPORE
A trust is a way of holding property simultaneously. A settlor executes a written document along with the legal transfer of the property to the trustee. As such, the trustee will have the legal title to the property while the beneficiary has an equitable title.
Trusts are often used in wealth and asset management structures. The trustee owes a fiduciary duty to the beneficiaries to ensure that trust assets are properly managed and invested.
Trusts come in a wide variety of forms. Each have their own benefits and drawbacks. In the page that follows, we provide a simple table to illustrate these.
It is undeniable that trusts are very powerful tools in wealth and asset management. Hence, the creation of trusts is strongly recommended as it allows one’s mind to be at ease, knowing that his/her assets have been accounted for and are in good hands. All that one has left to do is to choose one (or, in fact, a few) which caters to your specific needs, and this is where we are happy to provide you with our assistance.
Types of Common Trusts in Singapore