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"I'm the sole-breadwinner in my family; my parents are old and my children are young. What if a co-disaster were to happen to my wife and me at the same time? Who is going to take care of my children and parents?"
"I have worked very hard to build my wealth to what it is now. I do not want my children to spend it all away. I would like to plan and provide for my children's, grand-children's and great-grandchildren's and their children's education"
"If anything were to happen to me, I do not want to burden my family financially"
"I wish to set up a Trust to help the poor and the needy for as long as possible"
"I wish to grow my investment and for someone to monitor this"
What is a Private Trust?
A trust is a legal concept whereby an individual (the Settlor) transfers legal ownership of their assets to the trustees
Trustees manage and hold these assets for the benefit of others (beneficiaries)
Beneficiaries may include yourself, your family, your issues as well as other individuals, companies, charities or foundations
It is a versatile and powerful estate planning tool to protect and manage your wealth
Why Set Up a Private Purpose Trust?
Provision for you and your dependents for life
Protection of assets
Trust Distribution is exempted from following Faraid Distribution
“I have purchased Takaful Policies and have nominated my spouse and children to be nominees. But what if an unforeseen event was to happen to my spouse and me at the same time and my children are still minors? Or what if the unforeseen event happens to my entire family at the same time?”
“I have a special needs child and who is to take care of my child after my lifetime?”
“I am growing my business. I have taken a lot of mortgages for my properties and business. I understand that after my demise, my assets are all going to be frozen until Grant of Probate or Letters of Administration is obtained. How are the financing to be paid?”
Life takaful is an integral part of Financial Planning for your loved ones if an unforeseen event was to occur. However, Nomination of your Life takaful is not sufficient to provide security to your loved ones. By setting up Takaful Trusts:
You may provide sufficient security to your loved ones
Proceeds from Takaful policy can be managed according to your wishes
Trustees can use the Takaful Policies proceeds to pay for debts and mortgages before the Grant of Probate or Letters of Administration is obtained
Business Succession Trust
“As business partners, we have come a long way to reach where we are now. It is my wish to see this business continue to prosper under the management of my other partners.”
The aim of the trust is to ensure a smooth transition and succession of business interests to the continuing partners and an agreed sum of money to the outgoing partner’s family following the partner exiting the business.
Why is Business Succession Planning Important?
Business partnerships are all about mutual trust and understanding. However:
What happens if one business partner decides to retire, is incapacitated, or passes away?
What happens to the business?
What happens to family members?
Do they have heirs who are capable of overseeing day-to-day business operations should the unforeseen occur?
As a business partner, your business forms a major source of your wealth. However, you may be too preoccupied with the daily business management and may overlook the subject of business succession. Have you considered:
Making legal arrangements to ensure that your business interests, either as the continuing partner or the outgoing partner are protected?
Ensuring your heirs will receive a fair share for your business interest?
Or ensuring the smooth running of the business even after the occurrence of the unforeseen?
What can our Business Succession Solution Services do for you?
RHB Trustees’ Business Succession Solution Services provides an all-in-one solution that addresses the succession issues of business partners. This service includes the following:
Buy-Sell Agreement (BSA);
Business Succession Trust (BST); and
An irrevocable Power of Attornery (PoA)
An offshore trust is a legal entity setup abroad into which you can pass ownership and control of your assets. The assets are then managed by a trustee in the interests of the beneficiaries.
Holding assets offshore is a great way to add privacy from nosey parties that are seeking to cause you harm or loss. Offshore Trusts can provide greater confidentiality, efficient tax planning and assets protection.
*RHB Trustees facilitates the setup of Offshore Trust
This link is provided for your convenience only, and shall not be considered or construed as an endorsement or verification of such linked website or its contents by RHB Banking Group.
RHB Banking Group also makes no warranties as to the status of this link or information contained in the website you are about to access.