Introduction & Definitions

Thank you for purchasing a Trust from PROMINEE®! The Trust is a fantastic tool that can carry a lot of complexities and possibilities. It is also very versatile.

The Trust involves 3 groups of people:

  • the Settlor 또는 Grantor: the person contributing and transferring asset(에스) to the Trust [just like an investor of a company].
  • the Trustee(에스): the person(에스) taking care of the daily tasks during the lifetime of the Trust [just like managers of a company].
  • the Beneficiary or Beneficiaries: the person(에스) entitled to receive the asset(에스) of the Trust [just like shareholders of a company].

The Trustees are working for: #1 the Settlor; and #2 for the Beneficiaries (the priority is important). PROMINEE® will do everything to accommodate your requests and wishes.

The Trust is a legal entity that can own property in its own name, but the Trustee(에스) can also hold property in the name of the Trust (thus the existence of the Trust can remain secret/private).

The Trust is organized in writing: this is called the Trust Deed, or the Trust Governing Instrument. ⚠️This written contract is pretty much set in stone: it cannot be amended. Only the list of Trustees is the moving part of a Trust and only the Trustees will change during the lifetime of the Trust.

The Trust can accommodate any kind of situation because it can also contain specific Actions when certain Events happen. For example, the Trust Deed can contain: “in May 2035 the Trust shall lend $30,000 with no-interests to the first Beneficiary for sole purpose of attending an University Education, this loan shall be repaid within 10 years, otherwise the debt is forgiven“.

The Trust can have a life span as short as 2 years, or as long as 1,000 years, or even perpetuity. The destruction of the Trust is called the dissolution 또는 termination.

⚠️The Trust should be funded appropriately to withstand the expected duration (ie: the assets shall generate enough income to cover the Trustee’s fee).

⚠️The Trustee(에스) will have to terminate the Trust if there are no more assets (this is called a failed Trust).

It is important to note that the Settlor and the Beneficiaries can transfer asset(에스) to the Trust at any time.

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♦️ A Registered Trust is registered with an Authority of a jurisdiction, as such: NS Certificate of Existence/Registration can be produced. This is only useful in a very limited amount of cases. The recommendation is Unregistered, as it is faster (and the Trust can also change jurisdiction during its lifetime).
♦️ An irrevocable Trust is recommended: otherwise it means that the Trust is temporarily the owner of the assets, thus it can have taxes consequences and/or the assets can potentially be reached by creditors through derivatives actions.
♦️ The more data you give about a Beneficiary the better: 이름, address, date of birth, email address, phone number, 기타.
For example: My son, Mr Pro MINEE, contact@prominee.com, 100%, date of birth: 01/JAN/2022.
♦️ A substitute beneficiary is the person that will become the beneficiary if a designated Beneficiary cannot be contacted after 180 일. It is possible to order your choices as well, for example: #1 their heir(에스) and #2 the entity of my choice.
For example: Mr Pro MINEE can only start to collect the Trust assets when he reaches 18 years old.
♦️ it can be at a certain date, when a certain event occurs, after a fixed amount of time, or perpetuity.