Best Trusts Lawyers in Jurong East

About Trusts Law in Jurong East, Singapore

A trust in Jurong East, Singapore, is a legal entity formed when one person grants another the legal title to property with the intention that the latter will use it for the benefit of a third party. The Trusts Act governs how trusts are established and managed in Singapore.

Why You May Need a Lawyer

Understanding and administering a trust can be complex, needing expert legal interpretation of the Trusts Act. You may require a law professional's expertise when setting up a trust, ensuring compliance with all statutory requirements, altering established trusts, or resolving any disputes that arise from them. A professional can also guide you through the rights and obligations tied to all roles involved in the trust, the settlor, trustee and beneficiaries.

Local Laws Overview

In Singapore, under the Trusts Act, a trust may be established through a written or spoken declaration. Trustees have an obligation to act in good faith and in the best interest of the beneficiaries. There are also laws pertaining to the investment of trust assets, duties in relation to impartiality, remuneration, costs and the rights and duties of beneficiaries.

Frequently Asked Questions

1. Can a trust be set up without a lawyer?

Technically speaking, a trust can be set up without a lawyer; however, it is not generally recommended as the language and conditions within a trust need to be specific and accurately portray the intentions of the settlor. Mistakes can lead to severe consequences down the line.

2. What rights do beneficiaries have?

Beneficiaries have the right to proper trust administration and the right to request for information about the trust and its administration. They may also have the right to enforce the trust.

3. Can a trustee be a beneficiary?

A trustee can indeed be a beneficiary of the trust. However, this is subject to any limitations in the trust instrument or under Singapore law.

4. Can a trust be revoked?

Trusts can be either revocable or irrevocable depending on how they were set up. A revocable trust can be dissolved by the settlor during his or her lifetime. An irrevocable trust usually liquidating the trust can often only be dissolved by court order or the unanimous consent of all beneficiaries.

5. Who can be a trustee?

Generally, anyone over the age of 21, who is of sound mind and who is not bankrupt may serve as a trustee unless otherwise specified in the trust deed.

Additional Resources

For additional information and resources, you can look to the Singapore Academy of Law, The Law Society of Singapore or the Singapore Trusts Association.

Next Steps

If you require legal assistance it's recommended to seek a lawyer that specializes in trusts law in Jurong East, Singapore. A legal professional can assist you in understanding, setting up, managing and resolving disputes arising from trusts.