Best Trusts Lawyers in Clarke Quay

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Silvester Legal LLC
Clarke Quay, Singapore

Founded in 2018
10 people in their team
English
YOUR PARTNER, YOUR ALLY, YOUR ADVISOR. Silvester Legal LLC excels in disputes and corporate matters. We specialise in shareholders disputes. When you engage us, you engage a team that will provide you with proactive and strategic legal counsel to resolve your legal issues. For...

Legal guides written by Silvester Legal LLC:

  • The Liability of Directors for Company Insolvencies
  • Mediation: Keeping disputes out of court
  • Mediation: Parties get to meet early on
Yuen Law LLC
Clarke Quay, Singapore

Founded in 2012
40 people in their team
English
Chinese
Yuen Law LLC is a highly accoladed Singapore law practice established in 2012. Our practitioners are highly experienced in sale and purchase of companies and assets, joint ventures, venture capital, corporate law, fintech regulations, disputes resolution, family law and trusts, and conveyancing....
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Singapore Trusts Legal Questions answered by Lawyers

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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.

Lawzana helps you find the best lawyers and law firms in Clarke Quay through a curated and pre-screened list of qualified legal professionals. Our platform offers rankings and detailed profiles of attorneys and law firms, allowing you to compare based on practice areas, including Trusts, experience, and client feedback. Each profile includes a description of the firm's areas of practice, client reviews, team members and partners, year of establishment, spoken languages, office locations, contact information, social media presence, and any published articles or resources. Most firms on our platform speak English and are experienced in both local and international legal matters. Get a quote from top-rated law firms in Clarke Quay, Singapore - quickly, securely, and without unnecessary hassle.

Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.