Frequently Asked Questions (FAQ)
Have some questions about our products? Find out more below.
FAQ
What is a Trust?
A Trust is a legal arrangement whereby the owner (the Settlor) entrusts another party (the Trustee) to take care of his asset/s for the benefit of the beneficiaries he has chosen under instructions in the form of a trust deed.
The Trust can be one of the effective legal tools to help you manage, protect, preserve and distribute your wealth or your financial plan. It can also be used to maintain yourself in the event some critical illness struck. It requires the Settlor to give away his assets such as shares, money and property to a trustee such as UBB AMANAH to hold on trust for the benefit and enjoyment of the beneficiary(ies). The Settlor may impose conditions for the Trustee to follow, such as releasing monies only for a certain purpose or in a staggered manner.
Why do I need a Trust?
Trust is an excellent solution for many different kinds of problems regarding wealth accumulation, wealth protection, wealth preservation and wealth distribution. Having a will written is important, however unlike a Will, a Trust can serve many purposes to complete estate planning. For example, a Trust allows wealth protection and preservation which a Will cannot do.
Can I name anyone as my beneficiaries?
Yes, anyone can be the beneficiary(ies) including the Settlor, who creates the Trust.
Can I revoke/amend the Trust?
Yes, as the Settlor, you can revoke/amend it as long as it is a Revocable Trust.
Does a Trust apply to Muslim and non-Muslim?
Yes.
What will happen to the Trust if I declare bankruptcy?
Your trust will not be frozen in the event of bankruptcy and you can always access your money.
What is the effect of a Trustee’s Bankruptcy?Whatever interest or whatever property a Trustee holds on trust does not belong to him but for the benefit of the Beneficiaries because the assets/property are held under trust accounts that are separate from the assets of the Trust Company. Therefore, in the event of a Trustee’s bankruptcy, the Trust property will not be vested in the Director General of Insolvency but instead a new successor Trustee would be appointed as Trustee to continue with the Trust.
1. Why do I need a Will?
Well, you can leave the distribution of your assets to the law but you may not like the way the Distribution Act 1958 determines how your assets are distributed and the lengthy and arduous process.
Without a Will, your family will require an application for the Letter of Administration which takes over six months to arrive due to the additional legal requirements to be complied with.
With a Will, the time to complete distribution is considerably shortened as your family won’t have to search for guarantors or a reliable administrator. You can also ensure that the welfare of your children are taken care of by appointing a guardian while you still retain control over your assets even after writing your Will.
2. What if I have no beneficiary to leave my assets to?
Even if you do not have any surviving family members that you would like to give to, you can always consider charitable contribution to organisations for the needy.
Step-by-Step Guide
Step 1
Choose which trustee/ will-writing service provider after comparing their prices and benefits most suited to client’s needs
Step 2
Identify client’s beneficiaries and their allotted portion for distribution.
Step 3
Generate a list of client’s current asset in hand eg. Land/property, bank accounts, etc.
Step 4
Determine what asset will be distributed to whom according to client’s wishes.
Step 5
Making sure the client’s wishes are properly conveyed into their will.
1. What does corporate advisory mean?
A specific service offering provided to advise on financing solutions for public and private corporations, financial institutions and government clients.
2. What are examples of corporate advisory services?
Corporate advisory services include a wide range of services by itself. Main services include corporate restructuring, loan syndication, liaison and making preparations for joint ventures, mergers & acquisitions, etc.
3. Why is corporate advisory needed?
With the world growing at a rapid pace, companies may want to seek out new opportunities like expansion or joint ventures. The transactions and formalities involved may be too much for a company to handle, and that is where the advisors for such services come in. The specialist will ensure such transactions to be hassle-free, effectively giving the company time and effort to handle other tasks.