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The main reasons that people have for establishing a trust are:
Creditor Protection - if you operate a business it is likely that the business will have financial obligations to third parties such as suppliers and landlords. Due to the fact that a company has limited liability, the third parties are likely to require the directors and/or shareholders to provide them with personal guarantees. If a claim is made under a personal guarantee and you are unable to satisfy it then any assets you are holding in your personal name will be vulnerable to being sold to satisfy the amounts you owe. This could mean your family home and other personal assets are at risk. If you establish a trust and these assets are transferred to the trust, which is administered properly, this will help ensure that your personal assets are protected as much as possible.
Retention of Family Assets – trusts can help ensure that upon your death, the assets you have accumulated during your life time are not under threat as a result of assets being squandered by children or a relationship property claim. They can also be used to provide for defendants who have special needs - for example those with intellectual or physical disabilities. Another use is to ensure that a certain asset remain in the family for use by future generations.
Yes. While there are some common elements that both instruments address, one is not necessarily a replacement for the other. You may find you need both in place to best preserve and protect your legacy. To assist you in comparing the benefits and limitations of each, we suggest you consult with us as trusted legal professional to discuss your particular situation.
Yes. Upon one’s death a will must always be probated. A living trustee, however, is a separate legal entity and assets placed within it are not subject to probate when the creator dies. As a result, the directives contained in the trust can be carried out without delay in most cases.
Yes. Unlike the terms of a will which become a matter of public record, the terms of a trust agreement remain private.
No. But first we need to understand your financial goals and concerns. You will then want to share your vision with a Trust Advisors, who actually prepares your trust arrangements. As creator of the trust, you then name a trustee, such as GATB (GLOBAL ASSET TRUSTEE BERHAD), to manage your trust.
Trust Companies Act 1949, Act 100 Page 21, Section 33.
No history of collapse of any trust companies in Malaysia .Assets which a Trustee holds on trust does not belong to TRUSTEE but for the benefit of the Beneficiaries because the assets are held under trust accounts that are separate from the assets of the Trust Company. Therefore, in the event of a Trustee’s bankruptcy or winding up of a trustee, 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.
Service. The relationship you have with your trustee is one of responsibility and mutual respect. Our experienced professionals go the extra mile to ensure your complete satisfaction. We will explain everything in terms you understand and make sure your wishes are carried out and in addition to this, we have the knowledge, experience and ability to manage all of your asset details.