Living without Banking
Let’s experience how to utilize your trust as a bank account. Time to “Living without Banking”!
There are several potential problems that people may encounter when dealing with bank:
Privacy and security concerns
Numerous questions & query
Risks of account freezing
Limited asset types acceptance
No succession planning
Offshore banking replacement solution
What you can do with a trust account
Using a trust as a way to manage your financial affairs and conduct everyday transactions without using traditional banking services.
A trust is a legal arrangement in which one or more parties, called trustees, hold legal title to assets for the benefit of one or more beneficiaries. If you set up a trust and name yourself as one of the beneficiaries, you can use the trust to hold and manage your financial and non-financial assets. The trustee will be responsible for managing the assets in the trust and making decisions on behalf of the trust. This can include paying bills and expenses out of trust assets, making investments as discretionary by the Trustee (for discretionary trust), and managing any other financial affairs that you want to conduct through the trust.
The benefits of having a trust to manage your financial assets are numerous, such as protecting your assets from creditors or divorce, lawsuits, and other legal claims, and allowing you to manage your assets in a way that is consistent with your financial goals and objectives.
Trust is a legal relationship in which assets are transferred to a trustee for management. The trustee has the duty of care for the trust assets and shall act with prudence when it comes to the investment of trust assets.
Hold and manage assets
A trust can be used to hold and manage financial assets, such as cash, stocks, or real estate, and to facilitate the transfer of assets to the appropriate parties in accordance with the terms of the trust. A trust may offer some benefits, such as asset protection and tax planning opportunities, that may be similar to those offered by offshore banking.
Receive and manage income
A trust can be used to receive and manage income, such as salary, rental income, or investment income. The trust can then distribute the income to the beneficiaries in accordance with the terms of the trust.
Pay bills and manage expenses
A trust can be used to pay bills and manage expenses, such as rent, utilities, or insurance premiums. We ease your time to manage any bills for you. Fully utilize the assets’ value and enjoy your free time to focus on your financial goals!
Conduct financial transactions
A trust can be used to conduct financial transactions, such as making investments or buying and selling assets. The trust can use the assets it holds or the income it receives to make the transactions.
Leave property to designated beneficiaries
By setting up a trust, you can specify the individuals you wish to receive your property. This can ensure that your property does not end up in the hands of someone you do not want.
Protect your assets
When you create your trust and appoint UTGL as your trustee, you will enjoy high levels of privacy starting with a non-disclosure agreement (NDA). Our trust protection includes a trust agreement/deed that is safeguarded by globally recognized trust laws.
It is worth noting that using a trust as a replacement solution for offshore banking may require the assistance of our trust professional to ensure that the trust is set up properly and that it complies with relevant laws and regulations.
Find out what you can achieve with our ‘Living without Banking’ solutions:
Greater privacy: Keep financial affairs private by not sharing personal financial information with a bank or other financial institution.
Greater control over your finances: Make decisions about how assets are used and invested.
Reduced risk of identity theft: Protect personal financial information by not sharing it with a bank or other financial institution.
Asset protection: Protect assets from creditors, lawsuits, and other legal claims
Reduced Time: Reduce the time it takes to transfer assets and minimize friction
Once established, trusts cannot be changed and may qualify for certain tax benefits, such as the ability to make tax-free gifts to beneficiaries.
What is trust?
A trust is a legal arrangement in which an individual, known as the settlor, transfers ownership of their assets to a trustee, who is responsible for managing and distributing the assets according to the terms of the trust. Trusts can be used for a variety of purposes, including estate planning, asset protection, and wealth management.
What is the difference between a private trust and a corporate trust?
A private trust is designed for individuals, while a corporate trust is specifically for businesses and organizations. Private trusts are typically used for estate planning and asset protection purposes, while corporate trusts can be used for a variety of purposes, including financing, risk management, and asset management.
Who can set up a trust?
Anyone can set up a trust, as long as they are of legal age and have the mental capacity to do so. Trusts can be set up by individuals or businesses, and they can be created for a variety of purposes.
Who can be a beneficiary of a trust?
Beneficiaries of a trust are the individuals or organizations who are entitled to receive the assets and income of the trust. Beneficiaries can be named in the trust document, or they can be designated by the settlor at a later date. Beneficiaries can include family members, friends, charities, or other organizations.
Can a trust be amended or terminated?
In most cases, trusts can be amended or terminated by the settlor as long as they have the legal capacity to do so. However, certain types of trusts, such as irrevocable trusts, may not be amended or terminated by the settlor. In these cases, the terms of the trust must be followed as written.
Is there any requirement for the minimum value of trust assets?
There is no specific minimum value requirement for trust assets. Trusts can be created with any amount of assets, regardless of the value.
Our products for you to achieve Living without Banking
Ready to get started?
Unlock the power of trust with UTGL! Take the first step by exploring our Trust Platform, or create an account and instantly receive a virtual card. Our team is also ready to help design a custom package tailored specifically to your business needs.