Glossary Probate and Wills

A document in which a person declares that he holds (or two or more persons declare that they hold) assets on trust for the benefit of one or more beneficiaries.

A declaration of trust may create a new trust or may confirm the terms of an existing trust. A settlor may create a trust using […]

A legal document (which may be a deed or other instrument) that creates a trust. The trust document appoints the trustees and states the terms of the trust, including who the beneficiaries are and the trust property that will be subject to the trust.

In Singapore, the trust document usually takes the form of a […]

 A beneficiary of a trust has a vested interest if he does not have to meet any conditions for his interest to take effect.

The interest may be:

• Vested in possession, if it is a “present right to present enjoyment”, such as an immediate right to income.
• Vested in interest, […]
  

The assets given by a settlor to a trust (and the assets that from time to time represent them) to be held by the trustees under the terms of the trust, including any accumulated income.

Assets (whether capital or income) held by the trustees of a trust for the benefit of one or more beneficiaries.

A person who sets up a trust and settles or transfers the trust property on or to the trustees for the benefit of the beneficiaries.

A letter (also called a memorandum of wishes) written by the settlor of a trust to the trustees, to guide them as to how the settlor would like the trust to be administered. A letter of wishes is not binding on the trustees and often accompanies a discretionary trust, where the trustees may be in […]

Person dies without a Will or if there is a Will, the Will is totally invalid.

To take up probate proceedings.

Guarantor