PHILIPPINE TRUST

Philippine Trust

It is a legal arrangement where one person (the trustee) holds and manages assets on behalf of another person (the beneficiary) for a specific purpose. Trusts can be established for a variety of reasons, such as to protect assets, provide for family members, or support charitable causes.
Under Philippine law, trusts are governed by the Civil Code and are generally created by a written agreement between the settlor (the person who establishes the trust) and the trustee. The agreement outlines the terms and conditions of the trust, such as the purpose of the trust, the assets that will be held in trust, and the rights and duties of the trustee and beneficiary.   

There are different types of trusts that can be established in the Philippines, including:   
Living trusts
These trusts are established during the lifetime of the settlor and are typically used for estate planning purposes.   
Testamentary trusts
These trusts are established through a person's will and take effect upon their death.    
Charitable trusts
These trusts are established for charitable purposes, such as to support educational institutions, religious organizations, or other non-profit entities.    

The trustee of a Philippine trust is responsible for managing the trust assets in accordance with the terms of the trust agreement and for fulfilling their fiduciary duties to the beneficiary. The beneficiary, in turn, is entitled to receive the benefits of the trust, such as income or principal distributions, as specified in the trust agreement.   Philippine trusts can be a useful tool for estate planning and asset protection, but it is important to seek the advice of a qualified lawyer to ensure that the trust is properly established and to understand the legal implications of creating a trust.