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Under Singapore law, trusts are valid for a maximum period of 100 years, unless a shorter period is specified in the trust deed.
Creating a trust deed for a property in Singapore involves a legal process and should be done with the assistance of a qualified legal professional to ensure that it complies with local laws and regulations. The trust deed serves as a legal document outlining the terms and conditions of the trust, including the roles and responsibilities of the trustee, beneficiaries, and other relevant details.
- Identification of Parties:
- Settlor: The person creating the trust.
- Trustee: The person or entity responsible for managing the trust and its assets.
- Beneficiaries: Individuals or entities who will benefit from the trust.
- Details of the Property:
- A clear and detailed description of the property or properties being placed in the trust.
- Purpose of the Trust:
- The specific purpose for which the trust is being established.
- Powers and Duties of the Trustee:
- Outlining the authority and responsibilities of the trustee in managing and administering the trust.
- Distribution of Income and Assets:
- Specify how income and assets within the trust will be distributed among beneficiaries.
- Duration of the Trust:
- Specify whether the trust is set up for a fixed period or is intended to be perpetual.
- Termination or Amendment:
- Conditions under which the trust may be terminated or amended.
- Governing Law:
- Clearly state that the trust is governed by the laws of Singapore.
- Miscellaneous Provisions:
- Any additional clauses or provisions deemed necessary for the proper functioning of the trust.
It’s crucial to consult with a legal professional experienced in Singaporean trust law to draft a trust deed tailored to your specific needs and circumstances. This ensures that the document is legally sound and compliant with the relevant regulations.
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