PRIVATE TRUSTEESHIP – A private trust is a trust where the beneficiary (the person or entity which receives the equitable title in the property) is private and non-charitable. Thus, this is opposed to a charitable trust, which has charitable beneficiaries. The distinction between private trusts and charitable trusts, while obvious, is necessary because there are certain requirements and conditions which apply to one but not the other. Private Trusteeship are set up for the maintenance, education and benefit of children and grandchildren. The main aim is to provide for the day-to-day needs of the beneficiaries and for the payment of their educational costs.
Trustees can provide for the day-to-day needs of the beneficiaries and for the payment of their educational cost when they enroll into our Private Trusteeship, they will never need to worry regarding the maintenance, education and benefit of children and grandchildren
It is low set-up costs and relatively simple set up which will guarantee an ease of mind when you enroll with us as everything is legally bind.
It offers greater asset protection, a simpler succession and control of trust.
When you contractually declare hibah with us, we ensure that the hibah is executed and carried out with the interest of all parties involved.
HIBAH DECLARATION – 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. Made by voluntarily by a donor during his/her lifetime to the beneficiary without any consideration. Declaration by the owner of a specific asset stating that he gives the asset to the beneficiary and he is holding the asset for the benefit of the beneficiary. It is a written document wherein the terms and conditions on which the settlor is holding the assets are set out for a certain period of time under a Hibah Deed.
WASIAT & WILL – Means an iqrar of a person made during his life time with respect to his property or benefit thereof, to be carried out for the purposes of charity or for any other purpose permissible by the Islamic Law, after his death. It is a legal document in which you declare your wishes for your loved ones and how to distribute your assets after you pass on. For a Muslim to write a Wasiat and to make a bequest of one-third (1/3) of his assets to his loved ones , be they Muslims or not, or to charity so long as it is made in accordance with the Syariah.
EXECUTORSHIP – Whilst Wasiat-writing may be regarded as a matter of course by some, the choice of an executor is clearly something else that requires careful consideration. An executor is a person appointed in a Wasiat to carry out the testator’s wishes and instructions. However as an individual, the executor may fall sick, pass away or decide not to act. Hence, to ensure continuity of the administration to all heirs/beneficiaries, it is clearly more advantages to appoint an Executor a corporate body instead of an individual. It is difficult to choose an executor for your Wasiat. The well-being of your family is at stake. The right person will see that your dependents are secure and content. The wrong person can leave them in a tangle of distress. AWARIS registered under the Trust Act 1949, is bound to abide by stringent statutory provisions that have been legislated for the protection of beneficiaries under its wings. It has perpetual succession and need not produce sureties to act as your Executor or Substitute Executor
ESTATE ADMINISTRATION SOLUTIONS
FILE MANAGEMENT PROCESS
- Creating the estate files
- Investigating lawful beneficiaries
- Investigating assets
- Checking testaments
- Asset valuation by certified valuers
- Realising the assets
- Obtaining letters of administration or letter of probate
- Distributing assets and payments to beneficiaries
- Closing of file
Estate administrative fees are set at 2% (excluding 3rd party fees)
AUTOMOTIVE ESTATE ADMINISTRATION FEE :
o Vehicle value: Below RM5,000 = RM1,000
o Vehicle value: Between RM5,000 to RM20,000 = RM1,500
o Vehicle value: Between RM20,000 to RM80,000 = RM2,000
o Vehicle value: Between RM80,000 and above = RM2,500
- Land advisory services
- Transfer of Land (Living and Estate) 14A
- Official land search
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