Best Trusts Lawyers in Little India

About Trusts Law in Little India, Singapore

The field of Trusts in Little India, Singapore falls under the purview of national Singaporean law. Trusts are often used in estate planning and can be a complex area of law. Trusts law generally involves the creation and management of legal relationships, where the trust-maker (settlor) assigns a trustee to manage assets for the benefit of the trust beneficiaries. Strict compliance with legal requirements is necessary to ensure the validity and effectiveness of a trust.

Why You May Need a Lawyer

Setting up a trust involves many complex legal and financial considerations. You might need a trusts lawyer if you are planning your estate and want to set up a trust for your beneficiaries. Similarly, if you're a beneficiary and you doubt the management of the trust, a lawyer can help you understand your rights and possibly take legal actions. Lastly, trustees often require legal assistance to ensure the correct administration of the trust.

Local Laws Overview

Singapore Trusts law is based on the English model but has been localized to fit Singapore's unique context. The key legislation governing trusts in Singapore is the Trustees Act. Trustees' duties, powers, and potential liabilities are outlined in this act. Principles related to the creation, administration, and termination of trusts, as well as dispute resolution relating to trusts are also defined here.

Frequently Asked Questions

What is the role of a trustee in Singapore?

A trustee is legally obliged to manage a trust's assets in the best interests of the beneficiaries. This might involve making investments, managing properties, distributing assets, and maintaining records.

Can a trust be revoked in Singapore?

A trust can be revoked in Singapore under certain conditions, typically if there is a revocation clause in the Trust Deed and the settlor is still alive, unless it’s an irrevocable trust.

What are the legal requirements for setting up a trust in Singapore?

Three certainties must be present to set up a trust in Singapore: certainty of intention, certainty of subject matter, and certainty of object. The settlor must demonstrate an intention to create a trust, the assets comprising the trust must be clearly defined, and the beneficiaries of the trust must be clearly identifiable.

What happens if a trustee breaches his or her duties?

If a trustee breaches his or her duties, he or she may be held personally liable for any loss to the trust, and may be required to repay or restore the trust assets. They can also be sued by the beneficiaries.

What is an irrevocable trust?

An irrevocable trust is a type of trust where its terms can't be modified, amended or terminated without the permission of the trust's beneficiary or beneficiaries. The grantor, having transferred assets into the trust, effectively removes all of his or her rights of ownership to the assets and the trust.

Additional Resources

Those seeking further information on trusts in Singapore can refer to the Singapore Academy of Law, the Law Society of Singapore, and the Singapore Trustees Association. Furthermore, the Attorney-General’s Chambers provides access to all Singaporean legislation, including the Trustees Act.

Next Steps

If you require legal assistance in the field of trusts, the first step would be to approach a law firm specializing in trusts. They can help clarify your position, rights, and the best course of action. A legal professional can guide you through the processes involved in setting up a trust, avoiding any potential pitfalls, and ensuring it aligns with your intentions.