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Trusts in Sri Lanka are legal arrangements where a person (known as the settlor) transfers assets to another person (known as the trustee) to hold and manage for the benefit of third parties (known as beneficiaries). Trusts are often used for estate planning, asset protection, charitable purposes, and business succession.
You may need a lawyer to help you create a trust, ensure that the trust is structured correctly, understand your rights and responsibilities as a trustee or beneficiary, resolve disputes related to trusts, and navigate the complex legal requirements surrounding trusts in Sri Lanka.
In Sri Lanka, trusts are governed by the Trusts Ordinance, No. 9 of 1917. This law outlines the requirements for creating a valid trust, the duties of trustees, the rights of beneficiaries, and the procedures for administering trusts. It is important to consult with a lawyer who is familiar with these laws to ensure that your trust is legally sound and compliant.
A trust is a legal arrangement where assets are transferred to a trustee to hold for the benefit of beneficiaries. The trustee manages the assets in accordance with the terms of the trust deed.
Any person who is competent to contract can create a trust in Sri Lanka. This includes individuals, corporations, and other legal entities.
Common types of trusts in Sri Lanka include discretionary trusts, charitable trusts, testamentary trusts, and business trusts.
When selecting a trustee, it is important to choose someone who is reliable, honest, and competent in managing the trust assets. You may also consider appointing a professional trustee, such as a bank or trust company.
Trustees have a fiduciary duty to act in the best interests of the beneficiaries, to manage the trust assets prudently, and to follow the instructions outlined in the trust deed.
Disputes related to trusts can be resolved through mediation, arbitration, or litigation in the courts. It is advisable to seek legal advice to determine the best course of action in your specific situation.
Depending on the terms of the trust deed, a trust may be revocable or irrevocable. Revocable trusts can be amended or revoked by the settlor, while irrevocable trusts are typically permanent and cannot be changed without the consent of all parties involved.
Trusts in Sri Lanka are subject to taxes on income and capital gains. It is important to consult with a tax advisor to understand the tax implications of creating a trust and to ensure compliance with tax laws.
Yes, foreigners can create trusts in Sri Lanka, subject to compliance with local laws and regulations. It is advisable to seek legal advice to understand the requirements for creating a trust as a foreigner.
Asset protection trusts can help safeguard your assets from creditors, lawsuits, and other risks. It is important to create a trust that is structured in a way that provides the desired level of asset protection while remaining compliant with the law.
If you need legal assistance with trusts in Sri Lanka, you may consider contacting the Bar Association of Sri Lanka, the Department of Registrar of Companies, or a reputable law firm specializing in trusts and estate planning.
If you require legal assistance with trusts in Sri Lanka, the first step is to consult with a qualified lawyer who is experienced in trusts law. The lawyer can assist you in creating a trust, understanding your rights and obligations, and addressing any legal issues that may arise in the administration of the trust.
