The Trust Deed is the legal document that creates a trust, giving a person or organization the right to manage money or property for someone else, and says how this should be done.

Trusts are established to provide legal protection for the trustor's assets, to make sure those assets are distributed according to the wishes of the trustor, and to save time, reduce paperwork and, in some cases, avoid or reduce inheritance or estate taxes. A trust can be used to determine how a person’s money should be managed and distributed while that person is alive, or after their death. A trust is one way to provide for a beneficiary who is underage or has a mental disability that may impair his ability to manage finances. Once the beneficiary is deemed capable of managing his assets, he will receive possession of the trust.

A trust is a legal entity employed to hold property, so the assets are generally safer than they would be with a family member. When you establish an irrevocable trust, you step aside from your assets and entrust a beneficiary to oversee them. Your rights of ownership to the assets in the trust are essentially removed. The trust cannot be modified or terminated without the beneficiary’s permission. The main benefit of this type of trust is that it basically removes the trust’s assets from the grantor’s taxable estate.In terms of filing bankruptcy, an irrevocable trust can be beneficial. Since you no longer control these assets, they will probably no longer be considered yours. They would therefore not typically be available to creditors. It’s important to note, however, that timing could play a factor. If you’ve transferred assets when you already owed money, the court could reverse the trust.  This would put assets back into your ownership and creditors would then have access to them.

Trusts usually have a period of existence, called a ‘perpetuity period.’
The ‘perpetuity period’ during which the trust can exist is usually defined in the trust deed that first establishes the trust.
However, which periods are permitted is down to which jurisdiction the trust is set up in.For example,  the maximum period of perpetuity for a trust established in New Zealand is 80 years.

In Hong Kong, there is no such limit: trusts can exist indefinitely, and can thus be used to plan for multiple generations ahead, safeguarding capital and permitting longer-term, more strategic planning.

A trust is a legal entity employed to hold property, so the assets are generally safer than they would be with a family member.

When you establish an irrevocable trust, you step aside from your assets and entrust a beneficiary to oversee them. Your rights of ownership to the assets in the trust are essentially removed. The trust cannot be modified or terminated without the beneficiary’s permission. The main benefit of this type of trust is that it basically removes the trust’s assets from the grantor’s taxable estate.In terms of filing bankruptcy, an irrevocable trust can be beneficial. Since you no longer control these assets, they will probably no longer be considered yours. They would therefore not typically be available to creditors. It’s important to note, however, that timing could play a factor. If you’ve transferred assets when you already owed money, the court could reverse the trust.  This would put assets back into your ownership and creditors would then have access to them.

Forced heirship is a form of testate partible inheritance which mandates how the deceased's estate is to be disposed and which tends to guarantee an inheritance for family of the deceased. In forced heirship, the estate of a deceased (de cujus) is separated into two portions4. Hong Kong has no forced heirship laws. When you set up a trust in Hong Kong, you can divide and confer your assets in any way you choose, and assets placed in trust are beyond the legal reach of forced heirs in other jurisdictions5.