What is a simple trust?

A simple trust service is a service that is provided by placing trust in the hands of the trustee.

1. Simplify the execution of instructions; and
2. Regularization of operations; and
3. Standardization of provisions.

Therefore, it is easy for the trustee to choose a suitable trust to be set up and for the trustee to execute the instructions, which is in the best interest of the beneficiaries in the long run. The effect.

This type of trust is generally one trust with one mandate, with clearly identified trustees and beneficiaries, and most trust documents contain only a few simple terms. The trustee does not have to be involved in too many professional decisions, as there are only a few orders or simple assets and fewer asset transfers or complex holding structures involved. Other professional services are also specified to be handled by relevant professionals. With such a clear division of labour, the operating costs can be greatly reduced and more people from different walks of life can be involved in the establishment of the trust.

Advantages of simple trust

1. Low Cost: with standardizing terms or items and simple will, the cost can be lower than what you expect; and
2. Online Setup: without leaving your home, you can apply the services with ease; and
3. Save Hassle: overseas settlers or beneficiaries can save a lot of effort e.g. bank account opening or overseas company setup for beneficiary distribution.