Asset protection and orderly wealth succession are critical aspects of wealth preservation and growth. The use of trust and offshore structures in asset protection and succession in Singapore was largely dominated by the need in the past to mitigate or avoid estate duty. Many features in trust structures were the result of this tax objective. The abolition of estate duty presented opportunity to revisit the potential easing of many structural restraints such as irrevocability of the trust and limitation on settlor reserved powers. Yet, it has been observed recently that advisers may be tempted to ease structures so much to the extent of putting the fundamental protection objective of the trust at risk.

This talk examines some of the post-estate duty planning consideration in addition to an introduction to the use of trust in asset protection and succession. Some of the questions that will be addressed include:

• What is the difference between a trust and a will? Do I need both?
• Can a revocable trust be used for asset protection against creditors’ risk?
• Can trust be used to protect pre-marriage assets in case of subsequent divorce?
• Can the beneficiaries or the beneficiaries’ interests in the trust be changed?
• How would trust be set up? Must it be registered with the authorities? If so, which authorities?
• Who can be trustees? Can trustees be replaced?