Singapore based Wills and Trusts can hold precious metals that can be passed down seamlessly through generations.
Benefits of Legacy Planning
Legacy planning allows you to manage and distribute your precious metals holdings in a way that reflects your wishes, pre-empt potential legal complications and family disputes while optimizing taxation matters. Key benefits include:
Legal Protection
Assets held in a trust can be legally segregated into a new legal entity and thereby offer protection from potential legal claims, creditors, or disputes.
Smooth Distribution
Legacy planning ensures your assets are distributed to your beneficiaries smoothly and according to your wishes. It pre-empts inter-jurisdictional probate processes, which can become complex and costly as foreign Wills and Trusts may require resealing and could incur substantial administrative costs when executed in Singapore.
Maintain Control
By defining clear instructions in your plan, you maintain control over how your precious metal holdings will be distributed after your passing.
The differences between a Trust and a Will
A Singapore Will is the last legal document that lets you decide what happens to your assets, under Singapore jurisdiction, after you pass away. If you are storing precious metals with Silver Bullion, your Will can specify who should inherit your precious metals, and how much they should receive. A professionally created Will avoids legal challenges, confusion or delays in the distribution process.
A Singapore Trust is a legal arrangement whereby the owner (the Settlor) entrusts another party (the Trustee) to take care of his/her assets for the benefit of the beneficiaries. It is a powerful tool that helps you manage and protect your precious metals holdings, even after you are no longer around.
When you set up a Trust, you hand over the responsibility of managing your precious metals holdings to a trusted party (called a trustee), like a professional Trust company. The trustee follows your specific instructions on how to manage or distribute your precious metals holdings.
Additional Advantages of Setting Up Singapore Trusts
Setting up a Will or a Trust in Singapore offers several important advantages:
Tax Efficiency
Tax Efficiency: Singapore’s tax-friendly environment, with no GST or capital gains taxes on Investment Precious Metals, makes it ideal for legacy planning. A Trust based in Singapore can help lower tax liabilities, especially if your precious metals are held across different jurisdictions.
Preventing Family Disputes
By setting up a Will or a Trust you ensure clear guidance on how your precious metals are divided among your heirs. This minimizes the risks of family disputes, making asset distribution smoother and less contentious.
Confidentiality
A Trust offers privacy protection in managing your precious metals. You can control when and how your heirs access these assets, keeping your affairs confidential and ensuring that your precious metals holdings are handled professionally according to your long-term objectives.
Independent Service Providers for Wills and Trusts
In case you are considering setting up a Will or a Trust and require more information from experts in legacy planning we have provided a list of potential options for a complimentary consultation:
Wealth For Generations
Wealth for Generations is a leading estate planning and legacy management firm with extensive experience in creating customized Wills and Trusts for high-net-worth individuals, particularly those with global assets. Specializing in generational wealth building, they offer tailored solutions to ensure that your wealth is preserved and smoothly transferred to the next generation. They understand the complexities of cross-border inheritance and provides comprehensive guidance to international clients to create a lasting legacy.
Hone Maxwell
With offices in the U.S., Mexico, and Singapore, Hone Maxwell LLP provides comprehensive international tax planning and legal services for both U.S. and non-U.S. clients. The firm specializes in U.S. international tax matters, helping clients with complex tax and reporting requirements related to foreign asset ownership and cross border transactions. Their expertise includes U.S. tax, corporate, and trust matters, ensuring clients receive holistic solutions for international transactions. Hone Maxwell LLP serves as a legal bridge for clients, managing cross-border tax planning while overseeing all U.S. legal needs, from tax to corporate and trust matters.
PreceptsGroup
In PreceptsGroup, we strive to help you to formulate a set of guiding principles and set up structures to grow your legacy. To do this, we have built a firm foundation of service offerings and specialised companies that support you, whether as an individual, family business owner, business partners or beyond. “Precepts” represents our belief that regardless of your age and wealth, putting a plan in action is the best thing you can do for yourself, your loved ones and future descendants, to ensure that your desired legacy will be lasting and fulfilling. Plan a comprehensive estate plan to minimise entanglements and provide the right resources at the right time for your loved ones for generations to come.
Systemic Wealth Protection for Generations
Legacy planning and optimizing Trusts, especially for cross-border investments, can be complicated. At Silver Bullion, while we focus on providing secure storage for your precious metals in Singapore, we can collaborate with your selected advisors to develop systemic wealth protection solutions designed to last for generations, free of middlemen. We provide legal title ownership of uniquely identified physical Gold, Silver and Platinum under exclusive Singapore jurisdiction. These fully insured precious metals are guaranteed genuine, auditable on demand and vaulted in our fully controlled vault (The Safe House SG) in our fully owned facility (The Reserve).
S.T.A.R. Grams
S.T.A.R. Grams represents fractional ownership of fully allocated and insured investment-grade bullion.
Silver Bullion's P2P Loan service allows lenders to earn reliable returns while borrowers access low-interest loans using fully insured bullion as collateral. Explore how you can securely lend or borrow with peace of mind.
You retain full control with a Declaration of Trust and a Living Trust, but with a Standby Trust, control passes to the trustee only upon your death or incapacitation.
The costs vary depending on the type of Will or Trust you choose. Generally, the Declaration of Trust and Basic Will have lower setup fees, while the Living Trust and Comprehensive Will involve higher costs due to their comprehensive management features.
Foreign nationals benefit from establishing a Trust or Will in Singapore due to the country's well-regulated legal framework, international recognition of common law Trusts, and avoidance of complex probate processes. Trusts in Singapore also offer confidentiality and flexibility in asset distribution.
Trusts in Singapore are managed by professional Trustees and regulated under the Trust Companies Act. Trust companies must adhere to strict regulations, including the segregation of Trust assets from the company's assets, audits, and compliance with anti-money laundering laws.
