A Trust Account Agreement is essential when establishing a formal trust arrangement in Singapore's regulated financial environment. This document is commonly used by financial institutions, trust companies, and wealth managers to formalize the relationship between trustees and beneficiaries. The Trust Account Agreement outlines account management procedures, investment parameters, fee structures, and compliance requirements under Singapore law. It's particularly important given Singapore's status as a leading financial center and its strict regulatory framework for trust services.
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Key Requirements PROMPT example:
Trust Account Agreement
"Need a Trust Account Agreement for a Singapore private wealth management firm acting as trustee for a family office, with specific provisions for international investments and quarterly distributions to beneficiaries, to be effective from March 2025."
1. Parties: Identification of trustee, settlor, and beneficiaries
2. Background: Context and purpose of the trust account arrangement
3. Definitions: Key terms used throughout the agreement
4. Appointment of Trustee: Formal appointment and acceptance of trustee role
5. Trust Account Details: Specifics of the trust account and its operation
6. Trustee Powers and Duties: Detailed obligations and authorities of the trustee
7. Fee Structure: Trustee fees and payment terms
8. Termination: Conditions and process for ending the trust arrangement
1. Investment Powers: Specific investment authorities and restrictions when trust includes investment management
2. Distribution Provisions: Rules for distributing trust assets when trust includes specific distribution requirements
3. Successor Trustee Provisions: Process for appointing replacement trustees when succession planning is required
1. Schedule of Assets: Detailed list of initial trust assets
2. Fee Schedule: Detailed breakdown of trustee fees and charges
3. Authorized Signatories: List of persons authorized to operate the trust account
4. Investment Policy Statement: Guidelines for investment management if applicable
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