A trust can be created by Will or in writing by either an instrument called Deed of Settlement or a Declaration of Trust.
The Deed of Settlement will be entered into and signed by both the Settlor and the Trustees, while the Declaration of Trust will be signed by the trustees only stating that he has received the trust asset in possession to hold and manage on behalf of the settlor in the interest of the Beneficiaries.
The trust deed need not be registered to be effective.
For the trust to be validly constituted it must meet certain legal requirements:
1.Tthe Settlor must be of capacity
2.The purpose of the trust must be legal and not contrary to public policy.
3.The rule of 3 certainties must be satisfied i.e. certainty as to asset to be transferred into the trust, certainty of objects as to who shall be the beneficiaries and the nature of their benefits discretionary, life interest etc).Certainty as to the intention of the Settlor that he wants to create a trust not to make a donation.
4. The trust property must actually be transferred to the trustee
The Settlor should not interfere in the management of the trust otherwise it will be qualified as a sham trust and rendered invalid. The Settlor can however issue a letter of wishes to the trustees to advice and guide them in the management of the trust .
Trustlink can assist with the creation of a trust for individuals and corporations.
Our trustee services encompasses
Creation of trust for individuals and corporations
Professional advice on the structuring of the trust and estate planning
Drafting of the trust deed
Acting as corporate trustees
Administering the assets in accordance with the trust deed and the letter of wishes.
Monitoring of trust assets and investments.
Prepare and maintain trust accounts on the basis of principal and income accounting,
Make distributions to the beneficiaries,
Provide a Protector, where required,
Protect and ensure the safe custody of documents.
Establishing and administering Asset protection trust allowing clients access to their assets free of interference, seizure or freezing