Many of our clients, when they first come into contact with the word “trust”, may assume that it is a product for the wealthy, but at the same time, many of them seem to think of it as an investment tool, a way to make money. At the same time, many people think of trusts as a tool for making a fortune as an investment tool.

Undoubtedly, many of the traditional trusts were established to invest assets and make charitable contributions for wealthy individuals. These trusts typically involve multiple types of assets, have many unique rules and regulations, and require a lot of management personnel to maintain their ongoing operations. In practice, trustees have been able to operate by simply providing trust services to individual millionaires, which has resulted in many trustees concentrating on services for individual millionaires and may not have been widely adopted.

In recent years, the Hong Kong Trust Law has been amended and more and more licensed trust companies have come together to develop the Simple Trust Service in order to establish the trust industry.

The biggest difference between Simple Trust Services and the traditional trust industry is that the barriers to entry to trusts have been significantly lowered and the benefits of trusts are now available to more people.

At the same time, by simplifying the terms and industry, the cost of setting up and managing a trust has been greatly reduced, making it more affordable for more people to set up a trust.

Many people are now entrusting professional trustees to set up different types of simple trust services to make it easier for them to manage their various overseas assets and for them and their descendants to benefit from them.