Best Trusts Lawyers in Dehiwala

About Trusts Law in Dehiwala, Sri Lanka:

Trusts in Dehiwala, Sri Lanka, are legal arrangements where a trustee holds assets on behalf of a beneficiary. The trustee manages the assets in accordance with the terms of the trust deed. Trusts can be used for estate planning, asset protection, charitable purposes, and more.

Why You May Need a Lawyer:

You may need a lawyer for trusts in Dehiwala, Sri Lanka, to assist with drafting trust deeds, advising on tax implications, resolving disputes between beneficiaries and trustees, and ensuring legal compliance.

Local Laws Overview:

Some key aspects of Trusts law in Dehiwala, Sri Lanka, include the Trusts Ordinance and relevant case law. The Trusts Ordinance governs the creation, administration, and termination of trusts in Sri Lanka.

Frequently Asked Questions:

1. What is a trust and how does it work?

A trust is a legal arrangement where a trustee holds assets on behalf of a beneficiary and manages them according to the trust deed.

2. What are the different types of trusts in Dehiwala, Sri Lanka?

Common types of trusts in Dehiwala, Sri Lanka, include discretionary trusts, charitable trusts, and special purpose trusts.

3. How do I create a trust in Dehiwala, Sri Lanka?

To create a trust, you need to draft a trust deed, appoint a trustee, and transfer assets to the trust.

4. What are the duties of a trustee in Dehiwala, Sri Lanka?

A trustee has a fiduciary duty to act in the best interests of the beneficiaries, manage the trust assets prudently, and comply with the terms of the trust deed.

5. Can I change the terms of a trust in Dehiwala, Sri Lanka?

It may be possible to amend a trust deed, but it's important to consult a lawyer to ensure the changes are legally valid.

6. What are the tax implications of trusts in Dehiwala, Sri Lanka?

Trusts in Dehiwala, Sri Lanka, may be subject to income tax, capital gains tax, and stamp duty. Consult a tax expert for advice on managing tax obligations.

7. How can I resolve disputes involving a trust in Dehiwala, Sri Lanka?

Disputes involving trusts can be resolved through negotiation, mediation, or litigation. A lawyer can help you navigate the legal process.

8. What happens to a trust when the trustee passes away?

When a trustee passes away, a successor trustee should be appointed to continue managing the trust assets. It's essential to have a contingency plan in place.

9. How do I terminate a trust in Dehiwala, Sri Lanka?

A trust can be terminated by following the termination provisions in the trust deed or seeking court approval for termination in certain circumstances.

10. How can a lawyer help with trusts in Dehiwala, Sri Lanka?

A lawyer can provide legal advice on creating trusts, managing trust assets, resolving disputes, and ensuring compliance with local laws.

Additional Resources:

For more information on trusts in Dehiwala, Sri Lanka, you can contact the Sri Lanka Bar Association or consult legal publications on trusts law.

Next Steps:

If you need legal assistance with trusts in Dehiwala, Sri Lanka, consider reaching out to a local trusts lawyer for personalized advice and guidance on your specific situation.