UniTrust Global Limited is regulated by a high standard legal and compliance department and fulfills all legal requirements. In accordance with Section 2(1), Chapter 1 Section 2(a), of the Trust Recognition Ordinance (Cap. 76), the assets of the trust are an independent fund, held in the name of the trustee, and the client and asset information is confidential. All trust management and operation will be carried out in the name of the trustee (UniTrust Global Limited), the assets and contents of the trust are strictly confidential and will not be disclosed to any third parties.
Is Trust private?
What is the difference between a trust account and bank account?
Can I use the assets in the Trust flexibly?
Yes. UniTrust Global provides the core benefits of a trust structure, including asset isolation, confidentiality, and asset protection. In addition to these foundational benefits, we can assist with administrative services such as bill payment and bank transfer on your behalf as directed. Where clients wish to hold securities or other regulated assets within the trust, such assets are held through licensed third-party financial institutions in accordance with applicable regulations. The trustee acts strictly on the instructions of the settlor in the interest of the beneficiaries.
We also provide every client with a secured Mastercard credit card. The credit limit is based on a percentage of the market value of the assets held under your trust account. UniTrust maximises the liquidity of your assets. The credit limit is not affected by the client's personal credit rating and will not impact account operations or credit card applications.
How to set up a private Trust?
The simple process of setting up a private trust includes:
1) Client provides his/her identity document and the latest address proof
2) Relationship Manager of UniTrust Global will set up a meeting with client to understand his/her needs
3) Client signs the trust documents (e.g. trust deed, letter of wishes)
4) Client can inject assets afterwards
Bank assets are often subjected to 3rd party investigation. Will a Trust account come across the same problem?
UniTrust Global Limited, as a Trust Company is regulated separately from the banks' regulators.
Trust structure and Trust operations are highly secure and private in law. Under the Recognition of Trusts Ordinance (Chapter 76), Schedule 2 (1), Chapter 1, 2 (a), trust assets are a separate fund held in the name of the trustee and customer and asset information is kept confidential. All property is managed and operated on behalf of the trustee (UniTrust Global Limited) and the trust assets are confidential.
Case Study 03 - Highest Privacy
Background
Mr Vadim Schmidt sought disclosure of accounts and information in relation to two trusts set up by his father, who had died intestate. Rosewood Trustee Ltd was the trustee of the two relevant trusts. The defendant trustee argued that Schmidt was not entitled to the disclosure of the trust documents because he did not have a proprietary interest under the trust. Nor had his father been the settlor under the trust, which had been executed by Pacquerette Ltd as settlor (the nominee of Mr Schmidt).
Benefit of Trust
Trust is a high-standard legal arrangement, inheritance information does not become public records like a will, and the wealth will be kept in a legal, safe and private structure. After the establishment of a family trust, the management and use of the trust property are carried out in the name of the trustee. Except for special circumstances, the trustee has no right to disclose the operation of the family trust property any extreme party.
Note: The beneficiary has the right to request the disclosure of the trust file, but it is best to treat this right as an exchange of the court's inherent jurisdiction. , the court supervises and intervenes in trust management as appropriate.
Law Reference
Section 11c of Chapter 76 of the Trust Recognition Ordinance
Court Case Reference
Beneficiaries' rights to trust information in the light of Schmidt v Rosewood Trust Limited
