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Trusts have long been used by high net worth individuals in Hong
Kong as an estate planning, tax planning and asset protection tool.
The benefits of using trusts are widely recognised and include
continuity, flexibility and confidentiality. Trusts are usually set
up to protect assets from creditors' claims; to prevent assets
from falling within the matrimonial pot in the event of a divorce;
and to avoid the probate process in the event of a death.
A fundamental feature of a trust is the separation of legal and
beneficial ownership of assets. The person putting assets into a
trust is referred to as the settlor and passes legal ownership of
his/her assets to a third party, called the trustee. The trustee
holds the trust assets for those who benefit from the trust, called
the beneficiaries. The terms of the arrangement are set out in a
document called the trust deed.
