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Who is involved in a trust structure?
THE settlor can be any corporate entity or individual who is at least 18 years old, of sound mind, and owns the proposed trust property. The settlor transfers part or all of his assets into the trust.
The beneficiary can be any person or entity - such as a company, a charitable body or another trust. In the case of a family trust, these are usually the settlor's family members.
The trustee may be either a corporate entity such as a private bank or a person such as a trusted individual, and the settlor may choose either a single or multiple trustees to manage and control the trust property. Another option is to use a Private Trust Company as the trustee.
A protector may be appointed by the settlor for the trust, to reserve some control over the trustees. This is usually a trusted friend or a professional adviser. The protector may be given a wide variety of powers, including the power to remove and appoint trustees, settle their remuneration or add discretionary beneficiaries.
- Source: Hawksford Singapore