Trustee Jailed For Pocketing $176,000
From the above article, we understand that the tycoon created a religious trust, or wakaf, for four of his properties in Joo Chiat before he passed away. So, even he has passed away in 1934, the trust continues to collect rental income from the four properties and the trust is suppose to use the rental income to upkeep the mosque in Yemen.
The businessman who is part of a family (the trustee), is in charge of managing the four Joo Chiat properties and act in the interest and the benefits of the mosque in Yemen. But, he fail to do so and pocked $176,000 from this process. He is guilty for criminal breach of trust.
We understand that if he could have entrusted a Private Trust Management Company to be the Trustee of this Trust, this incident could be minimize.
Who Are We?
We are a professional Private Trust Management Company that assist in creating trust fund and provide Trustee Services to act in the interest and benefits of the Beneficiaries. During our inheritance planning process, we will discuss other forms of estate planning solutions like Will Writing and Will Custody to make sure that your assets and property are protected.
OUR ESTATE PLANNING HELPLINE
No matter how complex the situation is, we will do our best to assist in planning and developing an actionable solution for your asset distribution and protection.
RECENT ESTATE PLANNING NEWS ARTICLES
Finding a lawyer for your will writing in Singapore? Read more! Can I Make My Own Will? We strongly encourage you to draft a will with a lawyer. The reason is a lawyer knows how to draft the will in a manner so that it has less loophole during contesting....
We have negotiated with our preferred partner to offer the cheapest and most lowest will writing service in town for as low as $388! Yes, you heard it correct. It is that affordable! Do contact us to fix an appointment and ta-da! you are done! We also...