Family trusts are very effective and convenient, and if used prudently can be a great tool not only for succession planning, but also for managing assets, finances and investing in securities and utilizing the returns earned by the trust for the benefit of the beneficiaries. Succession planning through private family trust, allows the author to have complete control over the trust and freedom to pass on the assets unto the beneficiaries, which can be set out in the Trust Deed by the author. There is greater flexibility for appointment of Trustee/(s) for managing, maintaining and holding the assets of the trust for the benefit of the beneficiaries
2) Stamp Duty
3) Management and governance
4) Revocation or determination of the trust,
The Trust Deed must be executed on Stamp Paper of suitable value and signed by the settler and two witnesses. Once the Trust Deed is executed, it can be registered with the Local Registrar. The Registrar would then register the Trust, retain photocopy of the Trust deed and return the original registered Trust Deed back to the settler.