Best Trusts Lawyers in Novena

About Trusts Law in Novena, Singapore

Trusts in Singapore are governed by the Trustees Act and the common law. A trust is a legal arrangement where one person (the settlor) transfers assets to another person or entity (the trustee) to hold and manage on behalf of beneficiaries. Trusts can be used for various purposes such as estate planning, asset protection, and charitable purposes.

Why You May Need a Lawyer

You may need a lawyer for guidance on setting up a trust, drafting trust documents, understanding taxation implications, disputes among trustees, beneficiaries, or third parties, and for general legal advice on trusts.

Local Laws Overview

Key aspects of trust law in Singapore include the requirement of a written trust document, the duty of the trustee to act in the best interest of the beneficiaries, and the power of the court to intervene in trust matters if necessary.

Frequently Asked Questions

What is a trust?

A trust is a legal arrangement where assets are held by a trustee on behalf of beneficiaries.

How do I set up a trust in Novena, Singapore?

To set up a trust, you need to draft a trust deed outlining the terms and conditions of the trust, appoint a trustee, and transfer assets to the trust.

Can I be a trustee and a beneficiary of the same trust?

Yes, it is possible to be both a trustee and a beneficiary of the same trust, but this may create a conflict of interest.

What are the tax implications of setting up a trust in Singapore?

Income generated by the trust is subject to tax in Singapore. It is advisable to seek tax advice when setting up a trust.

Can I change the terms of a trust after it has been set up?

It may be possible to amend the terms of a trust, depending on the provisions of the trust deed and the consent of all relevant parties.

What happens if a trustee breaches their duties?

If a trustee breaches their duties, beneficiaries may take legal action to remove the trustee or seek damages for the breach.

Do I need a lawyer to create a trust?

While it is not mandatory to have a lawyer create a trust, it is advisable to seek legal advice to ensure the trust is properly structured and compliant with the law.

Can a trust be revoked?

In some cases, a trust can be revoked or terminated, subject to the terms of the trust deed and the agreement of all relevant parties.

What is the role of a protector in a trust?

A protector is a third party appointed to oversee the actions of the trustee and ensure the trust is being managed appropriately.

How can I choose the right trustee for my trust?

When choosing a trustee, consider factors such as trustworthiness, financial acumen, and willingness to fulfill their duties. It is also advisable to have a backup trustee in case the primary trustee is unable to continue in their role.

Additional Resources

For more information on trusts in Singapore, you can visit the website of the Singapore Academy of Law or contact the Inland Revenue Authority of Singapore for tax-related queries.

Next Steps

If you require legal assistance with trusts in Novena, Singapore, consider contacting a reputable law firm specializing in trust law to discuss your specific needs and receive expert advice.