A trust is an arrangement which authorises a trustee to hold assets on behalf of a beneficiary (or beneficiaries). The beneficiary shall have an equitable interest in the trust assets. The trustee has the responsibility to manage the trust assets for the benefit of the beneficiaries.
You can buy a private property under trust and list your children as the beneficiary. However, the property must be paid for in cash. There is no ABSD payable.
In your case, if the transfer is made during your lifetime, the trust is an “inter vivos” or “living” trust. A living trust can be revocable or irrevocable. A revocable trust can be cancelled, terminated or changed by you during your lifetime.
A irrevocable trust is one which cannot be cancelled, terminated or changed by the you. Once you have placed your assets in the irrevocable trust, you cannot reclaim the assets back. The assets no longer belong to your estate upon the your death. The assets under irrevocable trust are protected from the creditors, provided that the irrevocable trust has been made for more than 5 years prior to bankruptcy.
Hope this answers your question.
I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.
I just assisted my client bought a condo under trust under their children name
They have similar situation so I will be glad to assist you as well
Appreciate if you can contact me at (65) 96608508 or Silviayang8@gmail.com
or click here https://bit.ly/WaSilvia to whatsapp me for no obligation discussion
Senior Marketing Director
ERA Realty Network Pte Ltd
Mobile: (65) 9660 8508
Mark, your RIGHT choice
Yes it is possible to purchase under Trust if your children are below age of 21. Do take note that for property purchased under Trust, no loan will be granted, and the purchase has to be in 100% CASH.
I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.
Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305. I will be happy to assess and share with you the possibilities for you in the current market.