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Browse our 1 legal question about Trusts in Philippines and the lawyer answers, or ask your own questions for free.
In the Philippines and specifically in Quezon City, Trust law primarily focuses on wealth and property management. Here, a “trustor” entrusts assets for the benefit of a third party known as “beneficiaries”. The trust relationship is managed by a trustee who is convinced to control the properties or wealth for the beneficiaries under a trust agreement. The concept of trust law roots back to the Civil Code of the Philippines under Title V - Trusts.
If you are planning to set up or manage a trust, you may require legal advice to ensure your assets and interests are properly safeguarded. This could also include ensuring that the objectives of the trust are achieved, or in disputes related to trusts such as inheritance disputes, claiming proceeds of a trust, or interpretation of trust deeds. You may also need a lawyer if you are a beneficiary and need to protect your rights in a trust arrangement.
The local laws in Quezon City align with the national laws of the Philippines in regard to Trusts. The Civil Code, specifically Title V - Trusts, primarily governs these laws. It specifies the creation, modification, termination of trusts and the role, responsibilities, and rights of the trustor, trustee, and beneficiaries. The Family Code of the Philippines also has provisions affecting trusts, particularly those linked with family properties. Note that noncompliance to such regulations may be penalized as per the law.
Yes, a foreigner can set up a trust in the Philippines. However, the control of the assets should be managed by a local trustee as per the Anti-Dummy Law.
If a trustee passes on, the successor trustee mentioned in the trust agreement will take over the administration of the trust.
Yes, with the approval of the court a trust agreement can be modified.
Trust accounts are subject to income tax in the Philippines as per the National Internal Revenue Code. Consulting a lawyer can provide you with more specific advice.
No, trusts serve a variety of purposes. They are not only reserved for the wealthy. Anyone can set up a trust as long as they comply with the stipulated legal requirements.
For more information related to trusts, individuals can refer to the official website of the Philippines' judiciary and the Integrated Bar of the Philippines. Organizations like the Philippine Estate Planning Council may also provide valuable information on estate planning and trusts. Always consult with a trust attorney to get a more accurate understanding of your situation.
If you find yourself needing legal assistance in trusts in Quezon City, Philippines, you should immediately consult with a lawyer specializing in trusts. They can provide advice tailored to your situation and can guide you through the process of setting up, managing or dissolving a trust.
