Beginner’s Guide to Choosing the Best Trustee Services in Singapore
Trustees, by the very nature of their job description, carry a high position of trust. By appointing a trustee, you will be entrusting your affairs to them to manage. Choosing engaging reliable trustee services in Singapore should hence be done diligently. The trustees you select will be safeguarding your affairs, as well as your beneficiaries, for years to come.
Creating trust should ideally be part of your wealth management strategy. A comprehensive approach should include a written will and estate planning services as well. Similar to these two financial instruments, trusts also enable the allocation of your assets. The difference is that trusts can be used during and after one’s lifetime.
It can be daunting to choose a reliable service provider who can handle all your trust needs. Ideally, you’ll want a service that is legitimate, trusted, discrete, professional, and has a proven track record. Finding a company that meets this brief can be an uphill task, even for the most diligent.
However, this is something that we excel at, and our top ten list is proof of this. The curated list will help you in your journey towards strategic wealth management at the end of this guide. We’ve also addressed some essential points that will give you a better picture of trustee services.
What Is Trustee Services?
Appointing a trustee and engaging trustee services is needed to create a trust instrument. This is a legal and financial document that appoints a trustee to handle the administration of all your affairs. Beneficiaries and heirs can include family, friends, and even charitable organizations.
Trustee services in Singapore can range from straightforward instructions to complex arrangements. Usually, trustee services include settling a deceased’s assets and liabilities, including obtaining consents, filing taxes, and handling legal issues. It is also viable to instruct trustees to manage wealth on trust for beneficiaries until they become entitled. This is a type of Testamentary Trust, ideal for beneficiaries who are minors or incapacitated.
Singapore law allows both private individuals as well as business entities to create or set up trusts. Trust types can consist of private, charitable, investment, and statutory trusts. The rules and regulations that apply include the Trust Companies Act and the Trustees Act, amongst others.
Why Do You Need Trustee Services?
Trustees don’t just disburse your assets and wealth after your death but do also perform other crucial functions. You can instruct a trustee to manage assets and create wealth for future generations. In such instances, trustees will make careful investments to ensure beneficiaries have a lifetime of security.
You can also create a trust for your favorite charitable organization as trustees can handle periodic disbursement. Trustee services ensure complete confidentiality and discretion and can include reliable succession planning.
Engaging reliable trustee services in Singapore ensures professional and impartial asset handling. Trustees have a binding fiduciary duty to act in the best interests of all beneficiaries. It is one of the best ways to protect your assets and interests professionally and legally. It is a sustainable and smart way to ensure that your heirs can truly profit.
Where Should I Find the Best Trustee Services?
If you are ready to start looking for the best administrators, then you’re in luck. We’ve done some thorough research and rounded up the best in the industry. Their professionalism and innovative solutions do speak for themselves in this competitive industry.
The select names on our list tick all the right boxes – they’re reliable, discrete, and experts at what they do. Without much ado, here is the top ten list of the best trustee services in town.