>> ASIAONE / BUSINESS / MY MONEY / PLANNING YOUR RETIREMENT / INVESTMENT AND SAVINGS / STORY
Ang Kim Lan
Tue, May 27, 2008
The Sunday Times
Trustee should distribute sale proceeds according to terms

Q I read your advice on how to claim a share of an estate, and I have some queries.

If there is a piece of land in the name of a trustee:

  • Is it possible for the trustee to sell it without the knowledge of the descendants of the person who entrusted it to him?

  • And if so, does the trustee get to keep all the proceeds?

  • How can we check if a transaction has been made and if the proceeds have been paid out?

A A trust is set up when a settlor gives an asset to a trustee on behalf of a beneficiary. The trust can be set up immediately, during the settlor's lifetime or, if it is stated in the settlor's will, it will take effect only upon the settlor's death.

The trustee holds the legal title to the asset, while the beneficiary will inherit the asset.

It is possible for the trustee to sell the asset (in this case, the land) without the knowledge of the beneficiary.

However, under the law, whatever the trustee does, he has to ensure that everything is done for the benefit of the beneficiary and according to the terms of the trust.

The trustee will, therefore, have to distribute the proceeds of the sale according to the terms of the trust and should not keep all the proceeds - unless he is one of the beneficiaries under the trust, in which case he is entitled to keep his share according to the terms of the trust.

You can check with the Singapore Land Authority to find out whether the piece of land has been sold and, if so, to whom and for how much.

Alternatively, you may wish to engage a lawyer to do the necessary searches for you.

Note also that the beneficiary has the right to ask the trustee for an account of the income and expenses of the trust to date.

This article was first published in The Sunday Times on May 25, 2008

Is this article useful to you?
 

 
STORY INDEX
 
  Trustee should distribute sale proceeds according to terms
   
 
  Start early, and time is on your side
   
 
  Don't worry lady, RETIRE HAPPY
   
 
  A financial tool you can TRUST
   
 
  Why I decided to write my will
   
 
  Will retiree be better off with annuity or rental income?
   
 
  The power of compounding in investing
   
 
  Should you invest your CPF savings now?
   
 
  Financial firm's chief aims to leave his heirs $1m
   
 
  Retire young, retire rich
   
>> RELATED STORY
Trustee should distribute sale proceeds according to terms
Start early, and time is on your side
Jump in number of Green Mark buildings
S'pore luxury homes ninth most expensive globally
Oh, baby! There's more icing on your bonus cake

Elsewhere in AsiaOne...

News: Housing subsidies only for citizens and PRs

Travel: Stretching your dollar

 

We welcome contributions, comments and tips.
a1admin@sph.com.sg
   

Search: