A private trust is created to benefit one or more private individuals or non-charitable entities, as opposed to a charitable trust which has charitable beneficiaries. The distinction between private trusts and charitable trusts, while obvious, is necessary because there are certain requirements and conditions which apply to one but not the other.
The general purpose of a private trust is to manage and preserve property, typically money, for the benefit of one or more persons or entities, such as for the maintenance, education and benefit of children and grandchildren.
Benefits of Trusts
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Trust assets and monies are properly invested
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The Trustee manages and administers the trust assets independently
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Trust funds are utilised for intended Beneficiaries
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The terms of distribution are decided by the Settlor (the person who creates and funds the Trust)
For example, an Insurance Trust is recommended for key providers such as parents with young children. A life assurance policy can be assigned absolutely to Pacific Trustees to create an Insurance Trust instantly in favour of the Settlor’s spouse and/or children named as Beneficiaries in the policy. The policy money does not form part of the insured person’s estate and consequently no Grant of Probate or Letter Administration is required in making claim when the insured dies. Furthermore, the money payable under such a policy is protected against creditors, subject to Section 52 of the Insolvency Act 2017 (formerly Bankruptcy Act 1967).
Private Wealth
Private Wealth Services
A private trust is created to benefit one or more private individuals or non-charitable entities, as opposed to a charitable trust which has charitable beneficiaries. The distinction between private trusts and charitable trusts, while obvious, is necessary because there are certain requirements and conditions which apply to one but not the other.
Private Trust Services
Our Private Wealth Division offers a comprehensive range of products and services for both Muslim and non-Muslim individuals to suit their objectives and needs
Partners
Our products and services are also available from our Partners:
Philantropy
A Charitable Foundation is a Trust created by a Settlor to benefit the community with the purpose of relief of poverty and advancement of education, religion or some other public benefits, regardless of race, creed, religion or gender
Business Opportunity
Let your business soar with our exciting licensing opportunity! We’re seeking suitable candidates to be a Pacific Trustees Licensee to market our products and services
Estate Administration
Estate Administration, which takes effect upon the Testator’s death, is the process of compiling and managing a deceased's assets, settling any debts and distributing the remaining assets to the rightful Beneficiary/ Beneficiaries