If you are looking to establish Trust in Singapore, there are many things that you should know. This article will cover some of the most important aspects so that you can set up your Trust as quickly and easily as possible.
Setting up a trust in Singapore is the best way for those who want to minimize taxation and avoid probate issues, but it’s important to remember that setting one up can be complicated. It’s also wise to note that minors or people under mental incompetence cannot establish Trust.
Tips for setting up a trust:
- No. of Beneficiaries: Though trusts are almost always meant for one person, they can have a trust created with more than one beneficiary. Anytime more than one individual benefits from the estate, the trustee must file an annual return showing how they distributed those funds.
- Name: The language used in the trust document should be clear and concise. It’s important to note that it is not possible for an individual convicted of a serious crime against another person, such as murder or rape, to never serve as a trustee.
- Trustee: The trustee must be capable of making decisions, and they should also have the time to manage a trust.
Additional benefits can come with setting up a trust in Singapore, such as avoiding probate fees and reducing inheritance tax, among others. Consult an expert for more information on how to set up your Trust.