Why Trust Account Is Important
A trust account ensures your children, spouse, parents, or other beneficiaries are provided with sufficient funds for their education or maintenance. It protects the assets you set aside, thus securing your beneficiaries’ future, even during difficult financial times.
What is a Trust Account
A trust account is a fund set up by an individual or corporate body (the “Donor” or “Settler”) with a Trustee who manages the assets of the account for the future use of the beneficiary. A “Trust Deed” is the legal document stating the conditions of the account and the responsibilities of the Trustee to the Donor and Beneficiary. Cash, securities or landed properties can be deposited in a trust account.
What are the Requirement Ages for Opening Trust Account
The individual must reach 18 years old and above and there’s no limited maximum aged.
The Benefits of an Amanah Raya Berhad Trust Account
Competitive Annual Dividends Your AmanahRaya Trust Account is comparable to an insurance plan, and pays attractive dividends to increase the value of the Trust Account.
Guaranteed Protection
Your AmanahRaya Trust Account is capital preserved and guaranteed. As an exampled, the trust assets are unharmed from the Creditor’s action if the Donor or the Beneficiary is declared bankrupt.
Fast, Easy Asset Distribution
Since trust assets are separate from your estate, no Grant of Probate or Letters of Administration are necessary, so assets can be distributed immediately in accordance with the Trust Deed.
An AmanahRaya Account Tailored to your Needs
Amanah Raya Berhad offers a variety of accounts to choose from. These fall under two broad categories:
Institutional Trust
Any institution, company or public organization such as trade unions, charities, co-operatives, foundations and pension funds can set up this type of trust for the benefit of named beneficiaries.
Safecare Trust
Any individual can open this type of trust for their beneficiary(ies) to provide funds for education, maintenance or the like.
Why Legacy Management Is Important
An estate is defined as all assets and liabilities left behind by a person at the time of his death. Leaving behind an estate without Will (known as “intestate”) not only delays, often by years, the distribution of your assets; it can also cause misunderstandings and conflict amongst your loved ones. Therefore, it is important to arrange for the proper disbursement of your assets should the unfortunate occur such s an early or unexpected demise.
The First step
The first step in proper legacy management is to appoint on Administrator for the estate. This facilitates the speedy and swift distribution of the assets, thereby securing your loved ones’ future in their time of need.
What Amanah Raya Berhad Can Do For You
By appointing Amanah Raya Berhad as Administrator, we will assure that your estate will be administrated fairly to the beneficiaries in a timely and professional manner. We offer the combined benefits of our professional expertise and over 85 years of legacy management experience. We are the only corporation empowered by the Government to administer estate summarily (for moveable assets not exceeding RM600,000)
Benefits: As your Administrator:
We apply for the Letters of Administration from the Courts and the Land Office.
We will administer your assets reliably and expeditiously according to Islamic Faraid Laws (for Muslims) or the Distribution Act 1958 (for non-muslim).
Our officers at 19 branches nationwide are trained and experienced in law, accountancy and taxation to ensure competent and efficient legacy management.
We are legally bound to safeguard the future welfare of your beneficiaries, and assure our responsibility in managing your estate until the final distribution to your beneficiaries.
Amanah Raya Berhad charges reasonable fees which regulated by statute to minimize your financial burden.
Preparation, Custodian and Execution of Wills AmanahRaya offers a comprehensive estate administration services which includes preparation, custodian and execution of Wills. Being the market leader in legacy management services, AmanahRaya has the expertise and proficiency to give advice on the proper drafting and preparation of Wills in accordance with relevant applicable laws and to manage a deceased person’s estate in the most professional manner which would ensure a piece of mind to you and the ones you leave behind.
Conventional Will
Why should you write a Will?
The main purpose of writing a Will is to ensure that the distribution of your assets upon your demise will be done according to your wishes.
A Will is also a medium for you to appoint the Executor of your choice. An Executor can be an individual or a corporation which is entrusted with the tasks of carrying out the administration of your estate in an impartial manner.
You can also provide for family members, friends, relatives and/or loved ones who require special needs or care, e.g. maintenance for disabled family member.
Writing a Will is an effective way of declaring your personal liabilities or somebody else’s rights to your assets, e.g. trust properties. This would ensure that your unrecorded liabilities will be duly settled and that properties which you hold as trustee will be managed for the benefit of the rightful beneficiaries.
The appointment of a Guardian to your minor children, i.e. children below the age of 18 years old, or a special child can also be made in a Will.
Writing a Will is also a way to ensure speedy and efficient administration of your estate. You can avoid unnecessary formalities and the possibility of your assets being reduced in value.
Why should you keep your Will with AmanahRaya?
A Will can be easily tampered with, damaged or destroyed. You may also lose your Will or even forget where the Will is kept. For these reasons, it is important for you to ensure the safe custody of your Will by appointing a Will Custodian.
AmanahRaya provides professional Will Custodian services. To ensure the safety as well as confidentiality of the Wills, all Wills deposited for custodian will be registered and kept in a fire-proof safe storage with limited access which can only be taken out with authorization from the Testator.
Why should you appoint AmanahRaya as your Executor?
Previously known as the Public Trustee and Official Administrator, AmanahRaya has been providing estate administration services since 1921 and is undeniably the most experienced corporation in the business. Being the oldest estate administration services provider, we ensure efficient, professional and impartial services to each and every one of our customers.
AmanahRaya is an established, stable company which is wholly-owned by the Government of Malaysia. Our existence is perpetual and we are ever ready to serve you and your loved ones incessantly.
AmanahRaya has been certified with MS ISO 9001:2000 certification. We are therefore committed towards providing professional services to all of our customers in accordance with the ISO standards.
Islamic Will
Why should you write a Will?
The main purpose of writing a Will is to ensure that the distribution of your assets upon your demise will be done according to your wishes. You are free to make provisions of up to 1/3 of your total assets to non-heirs, e.g. adopted children, charitable organization etc. You may also determine the manner of distribution for the rest of your assets, but this can only be carried out subject to the consent from your lawful heirs upon your demise.
A Will is also a medium for you to appoint the Executor of your choice. An Executor can be an individual or a corporation which is entrusted with the tasks of carrying out the administration of your estate in an impartial manner.
You can also provide for family members, friends, relatives and/or loved ones who require special needs or care, e.g. maintenance for disabled family member, subject to the 1/3 rule as stated above.
Writing a Will is an effective way of declaring your personal liabilities or somebody else’s rights to your assets, e.g. trust properties. This would ensure that your unrecorded liabilities will be duly settled and that properties which you hold as trustee will be managed for the benefit of the rightful beneficiaries.
The appointment of a Guardian to your minor children, i.e. children below the age of 18 years old, or a special child can also be made in a Will.
Writing a Will is also a way to ensure speedy and efficient administration of your estate. You can avoid unnecessary formalities and the possibility of your assets being reduced in value.
Why should you keep your Will with AmanahRaya?
A Will can be easily tampered with, damaged or destroyed. You may also lose your Will or even forget where the Will is kept. For these reasons, it is important for you to ensure the safe custody of your Will by appointing a Will Custodian.
AmanahRaya provides professional Will Custodian services. To ensure the safety as well as confidentiality of the Wills, all Wills deposited for custodian will be registered and kept in a fire-proof safe storage with limited access which can only be taken out with authorization from the Testator.
Why should you appoint AmanahRaya as your Executor?
Previously known as the Public Trustee and Official Administrator, AmanahRaya has been providing estate administration services since 1921 and is undeniably the most experienced corporation in the business. Being the oldest estate administration services provider, we ensure efficient, professional and impartial services to each and every one of our customers.
AmanahRaya is an established, stable company which is wholly-owned by the Government of Malaysia. Our existence is perpetual and we are ever ready to serve you and your loved ones incessantly.
AmanahRaya has been certified with MS ISO 9001:2000 certification. We are therefore committed towards providing professional services to all of our customers in accordance with the ISO standards.
What are the steps that should be taken if I want to write a Will with AmanahRaya?
AmanahRaya offers 2 types of Wills, i.e.:
Basic Will
This is a simple Will wherein AmanahRaya is appointed as the Executor without mentioning any specific assets.For Conventional Basic Will, you may choose either to give away all your assets to your lawful heirs in equal shares or to name your beneficiaries and distribute your assets to them in specific portions. For Muslim Basic Will, your assets will be distributed according to the Faraid rule.
Comprehensive Will
You are free to mention your assets and include any instructions for distribution.You may choose to write either the Basic Will or the Comprehensive Will. However, we have always advised our clients to write the Basic Will first due to the following reasons:
The Basic Will can be signed on the same day you submit your application, while the preparation of the Comprehensive Will takes about 2 weeks. Therefore, in the event that you were to meet your demise during the period of preparation of the Comprehensive Will, AmanahRaya can proceed to administer your estate accordingly as we have been appointed as the Executor by virtue of the Basic Will; and
The Basic Will can be amended anytime free of charge. You do not need to incur any additional costs if you make amendments and include specific instructions to your Basic Will.
The steps that should be taken to write a Will are as follows:
Fill up the Will Application Form;
Make copies of the supporting documents, i.e.:
Your I/C;
The Beneficiaries’ I/C (Except for Muslim Basic Will);
The Witnesses’ I/C (Only if you choose to bring your own witnesses);
The documents pertaining to your assets, e.g. land title, account book, share certificates etc.
