Precious Inheritance To Your Loved Ones
Trust Declaration is the appointment of individuals as Donee(s) by a Unit Holder (Donor) during his lifetime through a Trust Deed. The distribution and claim payment will be made after the death of the Unit Holder.
Trust asset is the ASNB unit trust fund(s) by the Unit Holder during his lifetime through a Trust Deed:
Under Malaysian law, unit trust is classified as personal property such as company shares. Thus, the inheritance of unit trusts is subject to the laws of probate and administration where only the administrator or executor appointed by the court can claim the deceased Donor's assets.
On the other hand, EPF and Tabung Haji were established under their own acts that allow direct nominees.
Without an alternative solution like Trust Declaration, the estate distribution process is complicated and time-consuming. The situation will be more complex if there are overlapping claims and disagreements among the beneficiaries.
Trust Declaration can assist the unit holders plan their estate distribution to their beneficiaries.
A guardian must be appointed by the court who will be acting on behalf of the Donor based on the court's order.
Yes, but a guardian must be appointed to act on behalf of the minor Donee , age 18 and above. The appointed guardian must be among:
Registration can be performed at any ASNB branch and selected/permitted agents (for first registration only)
Complete the following documents and submit with the registration fee:
Yes, subject to the minimum balance of 1,000 units.
Yes, subject to the minimum balance of 1,000 units
The funds registered under Trust Declaration can be suspended or frozen as ordered by the authority, subject to the terms and conditions of Trust Declaration, the Master Prospectus, the unit trust fund deeds and the EPF.
One of the requirements of Trust Declaration is to have an asset to distribute to the Donee. The Donor is allowed to perform transactions during his lifetime. Therefore, the minimum balance of 1,000 units is necessary to ensure that there will be units available for distribution to the Donee after the demise of the Donor.
No, he cannot. Only ASNB unit trust funds can be registered under Trust Declaration.
All the units in each trust fund must be distributed to the Donee(s).
Example: The Donor has an investment in the ASN Imbang 2 fund. He must distribute 100% of the units to the listed Donees as follows
Administration Fee is charged annually for administration, data and document archiving for Trust Declaration. This fee is waived for the first year of registration at the discretion of ASNB.
The annual administration fee is RM10.
From 01/12/2021 Administration Fee will be charged on the second year of registration as follows:
| No. | Scenario | Method for Administration Fee |
| 1. | Income distribution received from the fund selected for Administration Fee during registration is higher than the Administration Fee | Deduction from income distribution of ASNB fund selected for Administration Fee during registration; or |
| 2. | Income distribution received from the fund selected for Administration Fee during registration is lower than the Administration Fee | Deduction from principle units (excludes blocked units) of the selected fund for Administration Fee; or |
| 3. | Fund selected for Administration Fee during registration is not eligible for income distribution. | Deduction from principle units (excludes blocked units) of the selected fund for Administration Fee; or |
| 4. |
| Deduction from the 1,000 units blocked during Pengisytiharan Amanah registration. If the deduction was from the 1,000 blocked unit, the amount will be topped up from future income distribution (if any) |
No, this method will only be applicable for new registrations with effect from 01/12/2021.
Both parties namely, the Donor and Donee(s) agree that in the event of the death of the Donor before the Donee(s), the Trust Asset will be distributed according to the division specified in the Trust Declaration Deed and it will become the absolute right of the Donee(s). On the other hand, if any one of the Donee(s) dies before the Donor, the Trust Asset will be returned to the Donor. If the Donor & the Donee die simultaneously the Trust Asset will be paid according to the current procedure of the estate.
Units invested via financing/collateral are subjected to agreement with the Financing provider. Units under financing will be paid to the Financing provider. Only the unit wholly-owned (full ownership) by the Donor will be paid to the Donee.
Yes, Trust Declaration can be revoked.