The Trust can be one of the effective legal tools to help you manage, protect, preserve and distribute your wealth or your financial plan. It can also be used to maintain yourself in the event some critical illness struck.
It requires the Settlor to give away his assets such as shares, money and property to a trustee such as Rockwills Trustee Bhd to hold on trust for the benefit and enjoyment of the beneficiary(ies). The Settlor may impose conditions for the Trustee to follow, such as releasing monies only for a certain purpose or in a staggered manner.
Depending on structure of the Trust, a transfer of the legal title of the Settlor’s assets to a trustee such as Rockwills Trustee Bhd would be required in some trust cases whereas for others, the legal title is retained in the name of the Settlor who is acting as Trustee prior to his death or disability (upon which event the substitute trustee such as Rockwills Trustee Bhd will act as the trustee to replace the Settlor).
Revocable Trust is one where the Settlor reserves a power or right to amend or terminate the Trust. An irrevocable Trust is a Trust where the Settlor does not have such power and would require the beneficiaries’ consent to revoke or make changes.
If having the same asset in the Will and also in the Trust, the Trust prevails over the Will as the trust deed when signed takes effect immediately whereas a Will takes effect only upon death.
If expressly provided under the Trust Deed, the Protector may remove and replace the Trustee subject to such conditions as may be stipulated.
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