CONVENTIONAL

Private Trust plays an important role in an estate plan to protect, preserve and distribute the assets settled to the trustee. Trust are usually stated in a deed that takes effect during the lifetime of the maker of the Trust (called the settlor) and it contains his instructions to the trustee to administer the Trust assets for the beneficiaries. This is would be an inter vivos trust or declaration of trust. One of the advantages of this type of Trust is the avoidance of probate, allowing the trust assets to be distributed to the beneficiaries without delay.

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When the Will contains a Trust such a trust is known as a testamentary trust which takes effect upon the death of the testator. It will be subjected to probate and payment of debts and liabilities of the estate.

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An inter vivos trust or declaration of trust can be revocable or irrevocable while the beneficial interests of the beneficiaries can be fixed or discretionary. However, a testamentary trust is revocable during the lifetime of the testator, and the beneficial interests can be fixed or discretionary.

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Private Trust can be customized to full the objectives of the settlor.

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Members of ATCM providing Private Trust services are experts in this field and are available to be consulted for its services. The Private Trust services offered by members may differ from each other.