Non-Islamic

AREAS OF PRACTICE

Private Trusteeship

When an individual have accumulated a certain amount of wealth, he/she should have some estate planning instruments in place to protect, preserve and distribute his/her wealth. A corporate trustee can ensure the estate plan is carried out in a timely and professional manner to fulfil the instructions of the individual and at the same time provide continuity in existence, experience, expertise, manpower and accountability in carrying out its role as executor, trustee and custodian. An individual executor and trustee would not be able to do so.

Non-Islamic
Estate Planning

 

The wealth that a person creates and accumulates during his lifetime requires an estate plan to be drawn up for that wealth to pass on to the intended beneficiaries. To achieve this, the estate plan should incorporate the following:

 

  • efficient and effective implementation of the estate plan;

  • wealth protection and preservation;

  • reasonable implementation costs during the lifetime and/or at a designated time determined by the client;

  • usage of the right legal instrument(s); and

  • withstand challenges.

 

 

Islamic
Members providing Estate Planning Services:

 

 
Will

 

Will is a legal document that takes effect upon death of the maker of the will (called the testator) and it contains his last wishes to distribute all his wealth to the chosen beneficiaries. During the lifetime of the testator he may revoke the will in totality or amend the will to reflect his last and final instructions.

 

In addition, the will should include the following:

  • Appointment of the executor(s) to carry out the instructions in a timely and professional manner;

  • Appointment of the guardian to provide care for the minor children of the testator;

  • Substitute beneficiaries in the residue of the estate and/or for each particular itemised gift.

 

Members providing Will Services:

 

 
Will Custody

 

Upon death of the testator and to proceed to apply for probate, the original will is required. It is important to ensure that the will can be easily found by the executor. During the lifetime of the testator as well, the will must be kept securely to prevent tampering or it be lost or unintentionally destroyed. This can be achieved with the will custody services provided by members of ATCM.

 

 

 

 

 
Members providing Will Custody Services:

 

Administration of Estates


It is essential that every will appoints an Executor(s) and the appointed Executor will have an onerous duty to carry out the instructions of the testator in a professional and timely manner. In addition, the Executor is to ensure that the assets and income from the assets of the testator are:

  • Protected

  • Invested

  • Accounted for

  • Duly accountable for taxes
     

The executor must also have the following qualities:

  • Knowledge in legal, accounting, investment and taxation matters

  • Experience in the administration of estates

  • Continuity in the administration of the estate

  • Time to manage the affairs of the estate

  • Be able to act impartially between various parties and beneficiaries

 
Members providing Administration of Estates Services:

 

Private Trust 

 

Private Trust is a legal instrument that takes effect during the lifetime of the maker of the trust (called the settlor) and it contains his instructions to the trustee to distribute the particular assets forming part of the trust to the chosen beneficiaries.

 

In addition, the trust can be one that is revocable or irrevocable and the right of the beneficiaries to the assets in the trust can be fixed or discretionary.

               

 

                    

 

 

 

Members providing Private Trust Services:

 

 
Islamic
Islamic Estate Planning 

 

The wealth that a person creates and accumulates during his lifetime requires an estate plan to be drawn up for that wealth to pass on to the intended beneficiaries. To achieve this, the estate plan must be Syariah compliant and should incorporate the following:

 

  • efficient and effective implementation of the estate plan;

  • wealth protection and preservation;

  • reasonable implementation costs during the lifetime and/or at a designated time determined by the client;

  • usage of the right legal instrument(s); and

  • withstand challenges.

 

Members providing Islamic Estate Planning Services:

 

 
Wasiat (Will)

 

Wasiat is a legal document that takes effect upon death of the maker of the wasiat (called the testator) and it contains his last wishes to distribute all his wealth to the chosen beneficiaries whether it is for the 1/3 of the assets and/or to designate assets to different beneficiaries. During the lifetime of the testator he may revoke the wasiat in totality or amend the wasiat to reflect his last and final instructions.

 

In addition, the wasiat should include the following:

  • Appointment of the executor(s) to carry out the instructions in a timely and professional manner;

  • Appointment of the guardian to provide care for the minor children of the testator;

  • Substitute beneficiaries for each particular itemised gift

 

 

Members providing Wasiat (Will) Services:

 

 
Wasiat Custody
 

Upon death of the testator and to proceed to apply for probate, the original wasiat is required. It is important to ensure that the wasiat can be easily found by the executor. During the lifetime of the testator, the wasiat must be kept securely to prevent tampering or it be lost or unintentionally destroyed. This can be achieved with the wasiat custody services provided by members of ATCM.

 

 

 

 

 

 

Members providing Wasiat Custody Services:

 

 
Administration of Estates


It is essential that every will appoints an Executor(s) and the appointed Executor will have an onerous duty to carry out the instructions of the testator in a professional and timely manner. In addition, the Executor is to ensure that the assets and income from the assets of the testator are:

  • Protected

  • Invested

  • Accounted for

  • Duly accountable for taxes
     

The executor must also have the following qualities:

  • Knowledge in legal, accounting, investment and taxation matters

  • Experience in the administration of estates

  • Continuity in the administration of the estate

  • Time to manage the affairs of the estate

  • Be able to act impartially between various parties and beneficiaries

Members providing Administration of Estates Services:

 

 
Private Trust
 

Private Trust is a legal instrument that takes effect during the lifetime of the maker of the trust (called the settlor) and it contains his instructions to the trustee to distribute the particular assets forming part of the trust to the chosen beneficiaries. In addition, the trust can be one that is revocable or irrevocable and the right of the beneficiaries to the assets in the trust can be fixed or discretionary.

 

 

 

 

 

 

 

 

Members providing Private Trust Services:

 

 
Hibah 

 

Hibah is a transfer of property without exchange of consideration with a definite proposal on the part of the person who gives the gift and acceptance on the part of the person to whom the gift is given. Hibah asset is not considered part of Settlor’s estate, and consequently is outside the Faraid distribution rules. It can therefore be used to balance distribution among the Settlor’s loved ones.

Members providing Hibah Services:

 

 
Harta Sepencarian 

 

 

Harta Sepencarian is a property jointly acquired by husband and wife during the subsistence of a valid marriage. The surviving spouse is entitled to claim her portion from the deceased spouse's estate before distribution in accordance with the Faraid rules. It can sometimes happen that beneficiaries of a Muslim deceased contest a surviving spouse’s harta sepencarian claim. To avoid the unpleasant family disputes that might arise among the beneficiaries after the testator’s death on this issue, Harta Sepencarian Declaration can be the solution.

 

Members providing Harta Sepencarian Services:

 

 
Guardianship of Assets

 

Guardianship is the management by an adult of the person and property of a minor and insane or disabled adult. A male testator can appoint guardian of property in his Wasiat to manage his child’s asset until the child attain the age of 18 years old.

 

 

 

 

 

 

 

 

 

 

Members providing Guardianship of Assets Services:

 

 

Secretariat Address:
Association of Trust Companies, Malaysia (ATCM)
c/o RHB Trustees Bhd,

Level 11, Tower Three, RHB Centre

Jalan Tun Razak

50400 Kuala Lumpur

 

Tel: +603-9280 5933

Fax: +603-9280 5934
Email: info@atcm.com.my