A Trust is a legal arrangement whereby the owner (the Settlor) entrusts another party (the Trustee) to take care of his asset/s for the benefit of the beneficiaries he has chosen under instructions in the form of a trust deed.
Trust is an excellent solution for many different kinds of problems regarding wealth accumulation, wealth protection, wealth preservation and wealth distribution. A trust is ideal for example when your children are too young and you are concerned that the guardian may not do a good job of safeguarding the assets meant for their university education and life needs.
Without a doubt, having a Will written is important. However, unlike a Will, a Trust can serve many purposes to complete estate planning. For instance, a Trust allows wealth protection and preservation which a Will cannot do.
A Trustee can be a trust corporation such as Rockwills Trustee Bhd who is licensed under the Trust Companies Act 1949, or a person chosen by the settlor to carry out the instructions as contained in the trust. As a Trustee, he has a fiduciary duty to act in the best interest of the beneficiaries.
Anyone can be the beneficiary including the Settlor (who creates the Trust), illegitimate children, nieces, nephew and etc. Unlike Will, marriage will not revoke a Trust and it is required to be stamped under the Stamp Act 1949.
CONTACT ME NOW: 016-6825195
No comments:
Post a Comment