Date Published: 6 July 2018
Mr Chan Wai Mun and Mr Joel Wee from CNPLaw LLP, formerly known as Colin Ng & Partners LLP, gave a talk on the topic of Trusts this week at a seminar organised by FSMOne. The talk provided an overview of setting up a Trust, the structure of and parties to a Trust arrangement, how a Trust structure could be used for property ownership in order to achieve different objectives, the rights and powers of each party in a Trust and the various types of Trusts that could be set up. The seminar was followed by a Q&A session and was well attended by over 70 participants.
Attendees of this event who wants to view a copy of the slides may email firstname.lastname@example.org to indicate your interest.
Chan Wai Mun
Wai Mun heads the firm’s real estate team and is also a member of the family practice team. He has more than 10 years of experience in litigation and commercial work.
Joel is in the firm’s Dispute Resolution team. He has experience in a diverse range of litigation and estate planning work including the drafting of wills and probate work.
Having a will enables one to go further than just providing for one’s family at present. It ensures that upon one’s demise, the selected people will get the amount dictated, and the appointed person will be put in charge of the assets to distribute them according to one’s wishes.
Making a will need not be difficult nor time-consuming. Our fast track wills system eases the will-making process, making it focused on addressing the requirements of our clients in an efficient and cost-effective manner.
Nonetheless, we are mindful that each will is unique and has to be tailored to the specific needs of the client. Clients are therefore invited to discuss their plans with us so that we can ensure their will covers the different classes of assets and beneficiaries in accordance with their wishes.
We also regularly advise and assist clients with the setting up of trusts for various purposes, ranging from protection of assets from creditors to ring-fencing the assets from probate proceedings.
Estate and succession planning can be described as the art of planning and organising personal affairs to achieve maximum wealth protection, for one’s family.
An estate plan may be prepared at any time of one’s life but we usually recommend our clients to start early as this is more effective. Effective estate planning may include appropriately drafted wills and the use of trusts, among other things.
With proper estate planning, our clients are able to minimise the exposure of their accumulated wealth to unnecessary expenses and taxes. This helps them safeguard their wealth during their lifetime and ensures that their loved ones will be properly provided for when their time comes.