Trust & Succession Lawyers
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The Straits Times
Have you safeguarded your assets for the next generation?
A Testamentary Trust has many advantages and may be suitable for you in the following situations:
- you do not wish to give up control or ownership of your hard-earned assets during your lifetime. A testamentary trust allows you to remain the owner of your assets while you are still alive.
- you wish to have a simple and low-cost trust structure.
- you wish your trustee to be your trusted family member (such as your spouse) instead of engaging an outside party such as a trust corporation to be your trustee.
- your beneficiaries are too young or too irresponsible to manage the inheritance. A testamentary trust allows you to put constraints on their inheritance.
- your beneficiaries are still minors. A testamentary trust allows you to set aside a portion of the estate for their education and to provide them with an income.
- your beneficiaries have debts. Assets placed in a trust may give your beneficiaries protection against their creditors and in divorce proceedings.
What is a Testamentary Trust or a Will Trust?
A trust is a legal framework in which you (the settlor) give a trusted person (the trustee) the right to hold title to property or assets for the benefit of others (the beneficiaries).
Unlike a living trust, a Testamentary Trust (Will Trust) is a trust that is formed in a Will to take effect only after the settlor’s death.
When the settlor passes away, assets flow into the testamentary trust through the Will and are subject to the Grant of Probate process.
In the event the settlor loses his or her mental capacity, the Will Trust does not come into operation. The Will Trust only comes into operation upon the settlor’s death.
How can we help?
Our fees are fixed, clear and transparent.
If you are interested in learning how a Will Trust may be beneficial to you, kindly get in touch. The first consultation is free.
Fixed, clear & transparent fees
Why clients choose us
PKWA Law has over 30 years of history, and with more than 100 employees. We are an established family law firm.
Our fees are fixed and affordable from the outset so that you can have peace of mind.
Our lawyers are recognized as leading family lawyers by the Straits Times, and other leading publications.