Objectives or Purposes on Setting Up a Family Trust in Hong Kong
Trusts have multiple objectives or purposes. When setting up a Family Trust in Hong Kong, a settlor usually has the following in mind as the consideration factors:
Family Wealth
- To help manage family wealth
- To keep family wealth consolidated
- To preserve the family wealth
- To protect the family wealth
- As a vehicle to foster the stewardship of family wealth
- To help fund family member's new ventures
Save Costs & Avoid Troubles
- To avoid arguments within the family
- To pass on family values
- To avoid probate
- To provide confidentiality
Beneficiaries & Well Being
- Enhance the lives of the beneficiaries
- As an emergency fund for the family
- To protect young beneficiaries
- To make provisions for Settlor's incapacity
- To make provisions for surviving spouse
Family Business
- Succession planning purposes
- To help continue the family business
Charity
- For charitable and / or philanthropic purposes
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