What Is A Trust?
A trust is a legal structure created specifically to hold assets for the benefit of a beneficiary or beneficiaries. A trust enjoys specific legal protections under the laws of Malaysia. Any property, tangible or intangible, can be the subject matter of the trust. Talk to our experts if you need further clarification on this.
Why Create A Trust?
A trust can be used to help preserve and distribute wealth to meet a wide variety of personal and financial goals. Some people use them to protect assets from future claims while continuing to receive discretionary income and principal distributions from those assets. Others use them to pass wealth to future generations or to provide for charitable organisations.
Different types of trusts can be used to meet the goals of the person who establishes the trust. Some trusts require the grantor to give up control of the trust assets immediately, while others allow the grantor to retain control of the assets during his or her lifetime and to collect income from the trust prior to his or her death. It is not uncommon for someone to need more than one type of trust to meet all of their needs.
UBB Amanah offers a wide variety of options to cater for your every need, including a Cash Trust.
Advantages Of Having A Trust
In simple terms, assets transferred to a trust no longer form part of the Settlor’s property, so the trust assets cannot be seized if a Settlor gets into financial difficulties.
A legal form of transfer via trust would generally save estate duty and keep the trust assets confidential. Unlike will which is a public procedure.
Protecting The Weak
A trust provides a vehicle by which a person can provide for those who may be unable to manage their own affairs such as infants, children, the elders, the disabled or persons suffering from illness.
Distribute assets to heirs efficiently without the cost, delay and publicity of probate court.
Preserving Family Assets
Preserving the family assets, or increasing them, is often a motive for setting up a trust.
As Malaysians become more affluent and sophisticated, there is an increasing needs for professional trust management services. We take into account your unique circumstances, to provide bespoke trust solutions which are consistent with your personal goals and believes.
By creating a trust, we make it possible for you to secure your incomes and assets, make provision for succession planning, create legacies and manage your wealth for future generations.
If the bulk of your assets consist of property and you intend to retain it after your passing, we will administer your properties based on your instructions, ensure that they are kept in good condition, rentals are collected on time and paid to the beneficiaries of your property trust.
Properties under a trust will NOT become a part of a deceased person’s estate. They will be held discreetly and will be executed directly to the nominated beneficiary or beneficiaries swiftly.
UBB AMANAH BERHAD
B-G-09 Galeria Hartamas,
No.21, Jalan 26/70A,
Desa Sri Hartamas, 50480,
B-G-07 Galeria Hartamas,
No.21, Jalan 26/70A,
Desa Sri Hartamas,