Licensed Trust Company and Professional Trustee services

Licensed Trust Company and Professional Trustee services

Lexico Business Solutions is a business unit of Rockwills International Group whose core expertise is in providing comprehensive planning and solutions for wealth distribution, wealth succession, estate administration for individuals and families.

Rockwills Trustee Limited is governed by the Trust Companies Act (Chapter 336). As a licensed financial institution in Singapore, Rockwills Trustee is also supervised by the Monetary Authority of Singapore (MAS). Learn more about Rockwills Trustee and its committees, including corporate governance here.

A trust is a legally binding arrangement involving a relationship among the “Settlor(s)”, “Trustee(s)” and “Beneficiary(ies)”. It allows “the settlor” to give away his assets such as shares, money and property to another person knowns as the trustee for the benefit of other persons called the beneficiaries. A “Trust Deed” is drawn in the process as a legal tool to manage the assets. In summary, a trust is a legal structure to protect and hold your assets for designated beneficiaries.

When compared to entities like companies, trusts are highly flexible. Income and capital of a trust can be distributed to the beneficiaries on a discretionary basis whereas, in a company, the process requires income to be distributed out of the profits as dividends.

Our Unique Approach to Value-Add Our Clients

Rockwills Trustee’s holistic approach on Trust and Trustee advisory stem from the Estate Planning perspective. This translates to a wealth management solution that is in the best interest of the clients, for them to achieve their financial planning goals.

Trust structuring is highly bespoke and can apply in many circumstances, from a simple declaration of trust over an asset like company shares to complex structures involving trusteeship of highly valuable assets situated in several jurisdictions. A well-constructed plan is essential to protect the value of the business and provide cash for the family in the event of a major disruption in the business such as owners’ death and mental incapacity.

Why Set Up a Trust?

The objectives in setting up a trust can roughly be summarised under six heads:

  • Economic, Tax and Estate Duty Minimisation
  • Succession and Inheritance
  • Wealth Preservation and Enhancement
  • Maintenance and Provision for the Family
  • Asset Protection and Avoidance of Potential Adversity
  • Philanthropic, Charitable and Esoteric purposes

Professional Trustee Services

The Trustees Act and the statutory duty of care impose upon trustees great fiduciary responsibility. This means that the individuals who are appointed as trustees, sometimes a close family friend, need to have reliable ethics and his character trustworthy and free from greed. Additionally, laypersons who truly understand the legal obligations often find trusteeship burdensome and decline taking on the trustee role.

Record keeping is also an important aspect that tends to be overlooked. Not many lay trustees understand the need to keep proper records for their administration of the trust. Lay trustees can also be ill and die, unlike the corporate trustee.

The above are just some common reasons why our clients appoint Rockwills Trustee as their Corporate Trustee.

There are different trust structures and the most pertinent for business owners are:

  1. Business Succession Planning Trusts
  2. Business Value Protection Trusts
  3. Asset Protection Trusts
  4. Investment Trusts
  5. Private Trust Companies

We provide advisory services and administer structures and international business companies incorporated in more than 20 jurisdictions. Our reputation for expert knowledge and excellence is founded on more than 10 years of “succession and trusts in wealth management” [Lee, C. (2017) The Rockwills Guide to Succession and Trusts in Wealth Management (3rd ed.). Singapore: Rockwills Institute Pte Ltd.

Talk to us for a free confidential consultation.