Trust is created by the Settlor.
The Settlor identifies the Beneficiaries and transfer all or part of his/her assets into the Trust.
Trust assets may include but not limited to:
- Bank Deposits
- Shares and Bonds
- Insurance Policies
- Art Collection
- Real Property
- Companies
Trustee carries out and administers the Trust in accordance with its terms and acts in the best interest of the Beneficiaries.
Trustee duties include:
- Legal title of Trust assets
- Management of bank accounts
- Tax reporting
- Keep accounts and records of the Trust
- Manage and administer the trust
- Others as may be discussed between Settlor and Trustee
Trust Beneficiaries will benefit from the Trust.
Examples of Beneficiaries:
- Settlor
- Spouse
- Children and grand children
- Charitable organisations
A Protector may be appointed under a Trust Deed to exercise certain powers in relation to the Trust.
They provide check and balance over the Trustee and act as a watchdog for the Beneficiaries.
An Advisory Committee (e.g. Investment Advisor) may be appointed under a Trust Deed to exercise certain powers in relation to the Trust.
They provide financial and / or investment advisor to Trustee. They may also review financial records of the Trust, to ensure effective management of the Trust.
*Settlor may depending on his/her objectives of setting the Trust to determine whether to appoint a Protector and Advisory Committee.
Neither of these two roles are a must for the Trust to be established.
