About Trusts Law in Clarke Quay, Singapore
Trust law in Clarke Quay, Singapore is governed by general legal principles, with the Trustee Act (Cap. 337) and the Trustees Incorporation Act (Cap. 336) providing the legislative framework. A trust is a legal arrangement where one party, known as the settlor, transfers assets to another party, known as the trustee, to hold for the benefit of a third party, known as the beneficiary. Trusts can be established for a variety of reasons including wealth management, estate planning, and charitable purposes.
Why You May Need a Lawyer
Legal advice is often recommended when dealing with trusts due to their complexity and the potential for substantial financial and legal implications. Situations where you may need a lawyer include establishing a trust, administering a trust, interpreting a trust deed, disputes involving trusts, asset protection, and estate planning.
Local Laws Overview
Local laws in Singapore provide a robust and comprehensive framework for the administration of trusts. Key features include the legal recognition of both express and implied trusts, obligations and liabilities for trustees, and the beneficiaries' rights to information. Importantly, Singapore law does not recognize perpetuities and accumulations, a rule which commonly affects trusts elsewhere. This eliminates the rule against perpetuities, allowing trusts to be established for an unlimited duration.
Frequently Asked Questions
1. Who can be a trustee?
Legal individuals over 21 years and legally constituted corporations can serve as a trustee. There are no nationality or residency restrictions.
2. What are the duties of a trustee?
Trustees in Singapore have various legal obligations, including the duty to carry out the terms of the trust, act in the best interest of the beneficiaries, avoid conflicts of interest, and act impartially between beneficiaries.
3. Can a trust be contested?
While it is possible for a trust to be contested, it necessitates substantive grounds such as the settlor’s lack of mental capacity or undue influence.
4. What is revocable and irrevocable trust?
A revocable trust can be changed or terminated by the settlor during his or her lifetime. On the other hand, an irrevocable trust cannot be altered or terminated without the permission of the trustee and the beneficiaries.
5. What assets can be held in a trust?
Almost any type of asset can be held in trust including money, real estate, stocks and shares, and personal property such as jewelry or art.
Additional Resources
Additional resources include the Singapore Academy of Law which offers insights into Singapore’s legal structure and practices. Additionally, The Singapore Trustees Association (STA) provides expertise and professional standards for trustees. The Law Society of Singapore also offers legal assistance services.
Next Steps
If you need legal assistance related to trusts, consider seeking advice from a legal professional versed in the subject matter. It is important to engage a lawyer who can provide a thorough explanation of your obligations, rights, and any potential legal implications. Furthermore, hiring a lawyer can assist in minimizing risks and optimizing the financial and practical benefits of establishing and administering a trust.
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