What is a Trust?
A trust is an estate planning instrument for an individual who put aside his property while he is alive to a Trustee who holds property for the benefit of the beneficiaries. Trusts are particularly important which are forming part of your estate planning when you want to leave your assets to your minor children. Trust ensures that your assets which are managed by a trustee are available to your beneficiaries during the trust period and will be given to them when the trust ends.
Trust must have the following elements:
The settlor – the person who sets up the trust, and is usually also the person who currently owns the assets that will be transferred to the trust
The trustee – The trustee is either individual or Trust Corporation who is responsible for administering the trust. The trustee legally owns the property but holds it on behalf of the beneficiaries during the trust period.
The beneficiaries – The beneficiaries have a right to receive any benefit under the Trust.
The trust’s assets – The trust must have some assets which are capable of being owned.
The trust document – This is the legal document that states the settlor’s wishes; states who are the appointed trustees, states the trustees’ powers and duties, states the beneficiaries, and states various terms and conditions of the trust.
In order to protect your estate, Rockwills Trustee Berhad can help you to set up a Trust Services as follows:-
Declaration of Trust
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