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<h3 class="service__heading">Establishment, Management and Administration of Trusts</h3>
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<p class="service__text">Castle Family Office assists its clients on selecting relevant professional trustee services. We can offer our clients quality expertise on the market. In general, professional trustee services are as follows:</p>
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<li class="service__list-item">establishment of a trust (usually with a company holding the assets in trust);</li>
<li class="service__list-item">administration of trust including management of the assets in trust, trust accounting and distributions to beneficiaries;</li>
<li class="service__list-item">services and matters referred to protector of trust;</li>
<li class="service__list-item">acting as executor and trustee of a will;</li>
<li class="service__list-item">escrow services i.e. acting as an independent third party to hold and release funds (placed in escrow account) on behalf of parties involved in commercial transactions (e.g. transactions for sale of passions or real estate) etc.</li>
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<p class="service__text">Trust structures have the following benefits:</p>
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<li class="service__list-item">favorable taxation;</li>
<li class="service__list-item">effective inheritance planning;</li>
<li class="service__list-item">in general, foreign beneficiaries are not taxed within Singapore on foreign-sourced income;</li>
<li class="service__list-item">funds can be anytime infused in existing trusts;</li>
<li class="service__list-item">trust can be a part of corporate business structure;</li>
<li class="service__list-item">confidentiality of trust relations;</li>
<li class="service__list-item">legal protection of assets against third parties&rsquo; claims;</li>
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<p class="service__text">Basics and specifics of trust relations are as follows:</p>
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<li class="service__list-item">Legal title of assets is transferred to the trustee.</li>
<li class="service__list-item">A trustee holds the assets in trust for the equity interest of beneficiaries.</li>
<li class="service__list-item">A settlor and beneficiaries are without legal title to assets in trust.</li>
<li class="service__list-item">Beneficiaries have a beneficial ownership (equity interest) of assets in trust.</li>
<li class="service__list-item">A trust deed sets out beneficiaries, period of trust, trustee powers etc.</li>
<li class="service__list-item">All Trust documents are subject to trust confidentiality under Section 49 of Singapore Trust Companies Act (Cap. 336).</li>
<li class="service__list-item">Singapore Trustees Act (Section 90(5)) entitles a settlor to reserve his power of investment of assets in trust. He may determine an external manager in order to manage the assets in trust (administration of trust itself will be still retained by a trustee).</li>
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<p class="service__text">Specifics of establishment and using Private Trust Companies (PTC):</p>
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<li class="service__list-item">PTC may act as a trustee without obtaining a license required for trustee business in Singapore. However, such trustee is only entitled to manage a trust of a single family. PTC must not provide its services to the public.</li>
<li class="service__list-item">Management bodies of PTC may be represented by the client&rsquo;s family members, trusted persons, lawyers or even by himself.</li>
<li class="service__list-item">PTC may simultaneously act as a Trustee and company holding assets in trust.</li>
<li class="service__list-item">PTC must be supervised by a professional trustee for AML purposes in respect of assets in trust. The professional trustee will be in charge for administration of the trust.</li>
<li class="service__list-item">PTC will manage through the external asset manager the assets in trust for investment purposes for the benefit of beneficiaries.</li>
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<p class="service__text">Castle Family Office has individual approach to solutions related to establishment, administration and management of trust structures in Singapore. Castle Family Office may assist its clients on choosing a professional trustee service, establishment proper communication with all parties of a trust and managing its investment portfolio.</p>
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