A Wasiat is a declaration by a person made during his lifetime with respect to his property or beneficial interests, thereof, to be carried out for the purposes of charity or for any other purposes permissible by Islamic Law, after his death.

Trustee(s)

Declaration of Hibah 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.

Characteristics of Declaration of Hibah:

• The declaration takes effect immediately (at the time the declaration is made).
  
• Only gifts from a parent or a grandparent to a child or a grandchild is revocable.
  
• It is not subjected to Faraid but subject to the terms of the Declaration of Hibah.
  
  

Trustee(s)

Jointly Acquired Asset Agreement (or matrimonial property) is a property jointly acquired by both husband and wife during the subsistence of a valid marriage. Each spouse has his/her respective right over the property but the right must be claimed in court. Thus, in the event of any one of their deaths, the surviving spouse is entitled to claim her portion thereof from the deceased spouse’s estate before distribution in accordance with Faraid rules.

Trustee(s)

• 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.

Trustee(s)

It is difficult to choose an executor for your Wasiat. The well-being of your family is at stake. The right person will see to it that your dependents are secure and content. The wrong person may simply leave them entangled in distress and neglect

Hence, to ensure the continuity of the administration of the estate, it is clearly more advantageous to appoint a corporate body to be an executor instead of relying on an individual.

Trustee(s)

A trust created from Takaful proceeds where the owner appoints trustee as an assignee through an Absolute Assignment and to act as trustee (“Trustee”) to receive Takaful proceeds (“Trust Fund”). The Settlor shall set up a Trust Deed to determine the terms and conditions for the administration of the Trust Fund.

Trustee(s)

Duties include the following :

• Identifying the assets and liabilities of the deceased whether in Malaysia or abroad.
  
• Establishing which parties are entitled to the estate.
  
• Applying to the relevant authorities for the requisite Faraid certificate.
  
• Obtaining a grant of Letters of Administration from the High Court of Malaya.
  
• Paying off debts.
  
• Dealing with tax returns and liabilities.
  
• Distributing the estate to the beneficiaries in accordance with the Faraid rules.
  
• Preparing all necessary accounting statements and documentation.

Trustee(s)