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Trusts law in Singapore is both complex and comprehensive, aimed at ensuring fair and equitable practices are adhered to when dealing with the establishment, management and dissolution of trusts. In Tanjong Pagar, Singapore, the Trusts Act (Cap. 337) and related regulations govern Trusts. A trust is a legal arrangement where one party (the Trustee) holds property for the benefit of another party (the Beneficiary). Trusts can be used for various purposes, such as estate planning, wealth management and philanthropic causes.
Managing Trusts involves several legal intricacies that need careful attention. Legal assistance is important when setting up a Trust to ensure it's valid and legally sound. Likewise, if you're a Trustee, you'll need legal advice to understand your duties and responsibilities, and how to correctly administer the Trust. Lawyers can help clarify your rights if you're a Beneficiary to a Trust. Furthermore, disputes may arise in relation to a Trust, requiring the specialized expertise of a lawyer to assist in resolving these matters.
The Trusts Act (Cap. 337) provides a legal framework for trusts in Singapore, outlining the key principles and responsibilities. Important aspects include: the requirement for trusts to be created with certainty (i.e., clear identification of the intended beneficiaries, and the property to be included in the trust), the duties of trustees (including the requirement to act in the best interests of the beneficiaries), and the rights of beneficiaries (such as the right to information about the trust). Certain restrictions also apply, such as the rule against perpetuities, which can affect the duration of the trust.
The Trustee is responsible for managing the trust property according to the terms of the trust and the best interests of the beneficiaries. This includes maintaining records, distributing assets, and making investment decisions.
As a Beneficiary, you have a right to benefit from the trust property as outlined in the trust terms. You also have the right to information about the trust's administration and to enforce the trustee's duties.
Whether a trust's terms can be changed depends on the type of trust and the terms stipulated within it. Some trusts are irrevocable (cannot be altered), while others are revocable (can be altered with certain conditions). Legal advice is key to understand your options.
If you're a beneficiary and do not agree with a Trustee's management of the trust, you may challenge the actions of the Trustee in court. Consulting a lawyer can guide you through this process.
Generally, a Trust can last up to 100 years due to the rule against perpetuities in Singapore. However, there are exceptions, and certain trusts may continue indefinitely.
The Ministry of Law in Singapore and the Singapore Academy of Law offer resources related to trusts and estate planning. The Law Society of Singapore also provides a directory of lawyers specializing in trusts law.
If you are considering setting up a Trust or need advice as a Trustee or Beneficiary, it is advised to seek legal counsel. Look for a lawyer specializing in trusts in Tanjong Pagar, Singapore. They will be able to provide you with tailored advice and representation, to ensure your Trust is managed in accordance with Singapore law.
