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Trust
Many high-net-worth individuals are worried that they will lose the ability to take care of their families due to old age or illness, or concern about their family members’ financial support in the future after they pass away. In addition to making a legally bound will for the transfer of the estate, they can also consider setting up a family trust to transfer their properties. The ownership of the properties is entrusted to an approved trustee, who manages the trust property in accordance with the trust agreement and, under designated circumstances, transfers the asset to the designated beneficiary in a designated manner.
By establishing a trust, the settlor can manage multiple financial assets at the same time, such as property inheritance, investment and financial management, or retirement planning. It is also possible for the settlor to set an annual target rate of return, specifying when and in what form the beneficiary can withdraw part of the property without going through the estate certification process. The most common purpose of setting up a trust is for the settlor to have the trust agency closely monitor the estates of the settlor’s young children in advance. The settlor can then prevent the inherited properties from being sold, or they can choose to distribute the property to the beneficiaries in various stages in order to avert the children from squandering the property and protecting their livings at the same time.
By establishing a trust, the settlor can manage multiple financial assets at the same time, such as property inheritance, investment and financial management, or retirement planning. It is also possible for the settlor to set an annual target rate of return, specifying when and in what form the beneficiary can withdraw part of the property without going through the estate certification process. The most common purpose of setting up a trust is for the settlor to have the trust agency closely monitor the estates of the settlor’s young children in advance. The settlor can then prevent the inherited properties from being sold, or they can choose to distribute the property to the beneficiaries in various stages in order to avert the children from squandering the property and protecting their livings at the same time.