Types of Trusts
Generally, most trusts fall into two broad categories, “fixed” and “discretionary” trusts. These are defined by the intentions of the...
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What is a Trust?
In a parent and child relationship, trusts are a useful tool as it shifts the legal right to the assets from the parent to the trust. This would result in the assets being protected from creditors, bankruptcy and asset disputes. The design of a trust also avoids forced inheritances, instead the assets will be distributed according to the parent’s will and in Singapore, some taxes may not apply to the distribution of trusts.
Trusts can be created by will, deed or declaration and must be done in writing. Assets held within a trust must be owned by the settlor and may include cash, land, shares, businesses, jewelry and artwork. The life of a trust can be determined by the settlor and often the duration of a trust is dependent on the asset it holds and the beneficiaries it serves. Trusts may cease to exist when all assets are distributed or the beneficiaries consent to the winding up of a trust. In Singapore, trusts can exist for a maximum of 100 years.
Why set up a family trust?
Succession planning
Confidentiality
Avoiding lengthy probate processes
Vulnerable/Minors as beneficiaries
Many more...
Benefits of DigiTrust
Legacy Management & Planning
Online Digital Trust Service
Simple trust set-up to hold term insurance and CPF
Flexible options
Plan the disbursement of funds:
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Over a period of up to 10 years
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Quarter / Semi-annual / Annual
Good for young families!
Legacy Planning for your family
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Place up to 2 insurance policies
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Complimentary CPF placement
4 Easy Steps
1 / Settlor information
Provide your details for KYC purpose
2 / Number of insurance policies
Choose number of insurance policies (up to 2) to be placed in the trust
Decide the frequency and period for the distribution of funds.
3 / Beneficiaries information
Provide the beneficiary information, along with the other conditions of release such as minimum age and percentage of payout.
4 / Schedule a physical appointment with us
Choose a date to come down to our office for physical signing of the trust deed, nomination form and other supporting documents.
Pricing
Admin | Cost |
|---|---|
Non-refundable deposit | SG$108 |
Trust Establishment Deposit
(Inclusive of 10 years annual fee and free vaultbox pro for 1 year) | SG$1000 |
Annual Fee after release of CPF monies/ insurance proceeds to the trustee | 0.5% |
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