Trust's shareholders are Standard Chartered Bank (Singapore) Limited (“SCBSL”) and BetaPlus, a holding company owned by NTUC Enterprise and FairPrice Group.
The FATF defines a beneficial owner as “the natural person(s), at the end of the chain, who ultimately owns or controls the legal arrangement, including those persons who exercise ultimate effective control over the arrange- ment, and/or the natural person on whose behalf a trans- action is being conducted”.
A trust account is a legal arrangement through which funds or assets are held by a third party (the trustee) for the benefit of another party (the beneficiary). The beneficiary may be an individual or a group. The creator of the trust is known as a grantor or settlor.
Who can operate a trust account? A general trust account must be operated by the principal of a law practice who is authorised to receive trust money. For example a: sole practitioner.
An owner of a trust account is the person who has the powers to modify or revoke the terms of the trust, referred to as the trustor/grantor/settlor within the trust.
The custodian of the account controls how money in it is invested and spent. The custodian must manage the account, can invest in most types of assets, and must use the funds in the beneficiary's best interest until the beneficiary reaches the age of majority – age 18, 21 or even 25, depending on the state.
The trustee is the person (or people) who holds legal title to the property that is in the trust. The trustee's job is to manage the property in the trust for the benefit of the beneficiaries in the way the settlor has asked.
The trustee manages the trust and distributes its assets at a prescribed time. The trustee is in charge of managing the assets in an irrevocable trust while the grantor is still alive.
While trustees have the authority to withdraw money from a trust, they are not allowed to withdraw money from a trust account for personal use unless specified in the trust. However, it's important to mention that it is cause for suspicion even if this is the case.
Grantor: the individual who establishes and funds the trust. Trustee: the individual or institution responsible for managing and distributing the assets. Living trust: established during the grantor's lifetime.
The beneficiaries are those who have been given a beneficial interest in the trust, although this interest frequently is not determinable.
Trust accounts are managed by a trustee on behalf of a third party. Parents often open trust accounts for minor children. An account in trust can include cash, stocks, bonds, and other types of assets.
Trust banks are institutions or branches of institutions that provide trust administration as a business. They will typically name a person to administer your trust, but that person will change over time, just as your bank representative may change over time.
"Rothschild, the Largest Bank in the World: How Multinational Family Ownership Overcame Nearly All Management Complexities When Others Failed," Springer Books, in: Absent Management in Banking, chapter 0, pages 33-49, Springer.
What Are the Disadvantages of a Trust in California? Trusts are costly to create. Creating a trust without an attorney may be less expensive, but doing so leaves the trust much more vulnerable to trust contests and other legal litigation. It is also more time-consuming to properly set up a trust than to create a will.
One of the trustee's responsibilities is to distribute the assets to the beneficiaries, abiding by the wishes of the grantor. Trusts are often used as an estate planning tool, so there is no confusion to how assets should be distributed upon a grantor's death.
Generally speaking, once a trust becomes irrevocable, the trustee is entirely in control of the trust assets and the donor has no further rights to the assets and may not be a beneficiary or serve as a trustee.
To find out who owns the assets in a revocable trust, look to whoever is the trustee. If the trustee is also the grantor, then the grantor still owns and controls the assets. If the grantor assigned another person or entity as the trustee, the trust owns the assets, which are managed by the trustee.
Not all bank accounts are suitable for a Living Trust. If you need regular access to an account, you may want to keep it in your name rather than the name of your Trust. Or, you may have a low-value account that won't benefit from being put in a Trust.
Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, we've seen first-hand how this critical error undermines so many parents' good intentions.
The trustee is officially responsible for the assets in a trust when it is established. The individual who established the trust may retain ownership of a living trust, but otherwise, the trustee controls all assets.
The most important thing to understand about a custodial 529 account is that the student is both the account owner and beneficiary. While the student is a minor, a custodian controls the account until the student reaches adulthood (typically 18 or 21 years old, depending on applicable state law).
It is fair to say that in a modern discretionary trust, true control rests not with the trustee, but with the Appointor – the person who has the power to remove or appoint the trustee.