You can call a trust a private trust or a family trust. A family trust is any trust vehicle that you've set up to benefit members of your family. The family trust is a popular vehicle in estate planning. You know your family best, and a family trust can help you customize how you provide for your family, both during your lifetime and after your death.
The initial trust property of a family trust can be:
Current assets (e.g. cash, securities, commodities, fund units)
Fixed assets (e.g. land and real estate, art, antiques, and collectibles)
Contracts and agreements (e.g., including insurance contracts, private contracts, commercial agreements)
Benefits of a Family Trust:
Avoid expensive court procedures for the application of probate while the estate might be frozen during the probate period.
High confidentiality. Estate information does not become a public record like a Will.
Promote family harmony since family trust is very difficult to refute or challenge.
Prevent squandering money for pleasure in the next generations. A family trust can distribute the property exactly as you want to avoid future generations being profligate.
Scalable. the establishment can increase assets at any time as needed.
When the client loses the legal physical and will judgment ability, it is not necessary to appoint an asset manager through a certified court.
The custodial trust service provided by UTGL can act as a firewall of property. According to S.89 of the Trustee Ordinance (Cap. 29), trust assets are separate funds that are not part of the Trust Company's property. Furthermore, the legal title of trust assets is the trustee, the chance of the trust assets being claimed is low if the purpose of the trust is not illegal (e.g., the trust is not intending to defraud creditors), the Settlor does not reserve extensive powers and control over the trust assets and the trust period is more than 5 years