Trust is an important part of our society, and the law recognizes this. The law also has certain rules in place to make sure that trustees are doing their jobs correctly. Here we will discuss what a trustee is and more.
What is trust?
A trust is an arrangement in which one person (the trustee) manages property for the benefit of another (the beneficiary). The person who makes this type of agreement with the trustee and puts property into that trust is a settlor or grantor. The singapore trust company is a good example of a kind of trust.
Trustee Services for trusts include:
– Management of assets as directed in the Trust Deed
– Overseeing investments made from those assets to ensure they’re growing at appropriate rates
What’s a trustee?
The trustee is the person or entity that holds legal title to the property for another, known as a beneficiary. The trustee has two main responsibilities:
– To preserve and protect trust assets
– To use those assets to benefit beneficiaries in accordance with terms of the agreement (trust instrument).
There are many reasons someone might want to establish trust. The trustee and the beneficiaries can be any person or entity, and there is no requirement that they have anything in common.