»Ê¹ÚÌåÓýapp

A settlement is an arrangement that separates the legal and beneficial title of an asset. »Ê¹ÚÌåÓýapp settlor creates an interest for the beneficiaries and places legal title with trustees (the settlor may be a trustee). »Ê¹ÚÌåÓýapp settlement documents can include a declaration of trust, a transfer on sale or a gift, and are normally executed on the same day.

A settlement becomes effective at the date of the trust deed if:

• »Ê¹ÚÌåÓýapp settlor declares himself as the sole trustee
• »Ê¹ÚÌåÓýapp trustees were formerly the settlor’s nominees and already hold the property
• »Ê¹ÚÌåÓýapp settlement deed assigns the property to the trustees

Otherwise, the settlement becomes effective when the legal title of the property is transferred to the trustees. »Ê¹ÚÌåÓýapp passing of the property creates the settlement.