Let us face it; consumers will always find their assets scattered in different institutions such as insurance companies, banks and brokerage firms. This can end up costing you big time considering you ware never going to benefit from the same rates. It is for this reason that most people are now turning to trust companies since they provide a wide range of services including estate planning, tax and investment. But how much do you know about setting up a trust in Singapore? In this post, we are going to help you understand how top trust companies operate.
What is a Trust Company?
First things first, you need to understand what a trust company is. After all, there is no way you are going to rely on the services of something you know nothing a lot. To cut the long story short, a trust company is a separate corporate entity that is owned by a financial institution, bank or even a law firm. It is tasked with the main responsibility of managing trusts, estates for individuals and trust funds. All trust companies act in a fiduciary capacity for all their clients.
What Can a Trust Company Do for You?
Trust companies carry out a number of services, all which are related to asset management and investment. Of course, they will also manage investment portfolios within the trusts of all their clients. To pull this off successfully, a trust company may offer their services either by an affiliated third party manager or in-house. However, the client may have to select or recommend the affiliated third party manager when working with a trust company. One thing you ought to remember is that the quality of services offered tends to vary from one trust company to another. It is for this reason that you should always exercise caution when looking for a reputable trust company in Singapore.
The Bottom Line
These are just but some of the things you need to know about trust companies in Singapore. If your main intention is setting up a trust in Singapore, you will first have to learn from top trust companies. Alternatively, you can seek the help of experts who understand how trust companies operate. The good news is that most if not all will be more than happy to offer a helping hand thus making it easy for you to attain success from your new venture.