Insyaallah, sekadar peringatan, mungkin ada bergunanya kita gunakan “Trust Account” dengan Amanah Raya Berhad untuk menguruskan harta2 kita buat anak2 yang tercinta.
Cuma, yang saya belum pasti –
1) Bagaimana ARB uruskan harta2 kita (islamik ke tidak)?
2) Berapa pulangan yang boleh kita dapat?
Insyaallah, saya akan kembali ke tajuk ni…
- What is Trust?
Trust is a rule or responsibility that had been created between Donor and Trustee for a third party’s benefits namely, the beneficiary’s. Endownment, responsibility, management and trust function will be enclosed in Trust Deed (agreement between Donor and Trustee).
- What type of asset that can be classified under Trust?
The immovable and moveable assets such as money, share, EPF (without nomination) or property (must be wholly owned by Donor).
- What is the minimum and maximum age for Donor to open a Trust Account?
Donor must be 18 years old and above and there is no maximum age limit.
- Who is eligible to open the Trust Account? What is the minimum and maximum investment?
The Trust Account is open to individuals who are 18 years old and above. The minimum investment amount for Individual Trust Account is RM10,000 and RM250,000 for Institutional Trust Account (corporate companies) respectively. Additional investment can be made from time to time. There is no limit to the maximum investment amount.
- How much can be withdrawed and frequency it can be on a monthly or yearly basis?
The purpose of a Trust Accounts to build a trust for long term use such as compensation scheme for the employees. With that, the Trustee has the rights to control and manage the withdrawal amount from the Trust Fund of Trust Account. From that, the balance will be taken into consideration for future withdrawals and the future amount that can be made. The reason and justification of withdrawal must be as stated in trust deed.
- What is the difference between Trust Account, Current Account and Insurance Policy?
The difference is on the management of the monies. For the Trust Account, the monies will be administrated according to the trust deed where the control on the frequency and the justification of withdrawal is maintained. It is the role of the Trustees to ensure monies in the Trust Account are kept and cared for safely for the benefit of the beneficiaries.
On the other hand, bank account policy needs a letter from the administrator for monies to be withdrawed on the account holder’s demise.The difference of a Trust Account and a Insurance Policy is on the Nominee issue. Nominee is a person that had been nominated and the premium will be paid to the nominee depending on the period and the condition of insurance policy. The policy will be automatically cancelled if there is non-consistency of information given or the policy also may be in error if the premiums are unresolved.
- Can the withdrawal and deposit process for Trust Account be done similarly to a bank account’s?
No. There is a difference in the withdrawal and deposit process between the Trust Account and a bank account. For Trust Account, the Trustee has to control on both processes to ensure the account is safe for long term. In contrast, the bank account holder has the ultimate right in withdrawal and deposit regardless of the amount and frequency.
- Are the dividend rates revised every year?
Yes. Dividend rates will be monitored by the Finance Minister, every 3 months under his approval according to Akta Perbadanan Amanah Raya Section 27 (3) Act 532.
- What will happen to the Trust Account if the Donor have been declared bankrupt?
If the Donor has been declared as bankrupt, all the trust assets will be kept safe from creditors.
- What will happen if the Beneficiary have been declared as bankrupt?
The trust assets will be safe from any creditors.
- What will happen to Trust Fund if the Beneficiary passes away?
If beneficiary passes away, the trust assets will be paid to the legal attorney. However, the assets will be paid to the donor if it is stated on Trust Deed.
- Can a foreign citizen, be the Donor and Beneficiary?
- How long will the payment to Beneficiary take when closing the Trust Account?
Not more than 14 days.
- How long will the payment to Beneficiary take for dividend’s withdrawal?
Not more than 7 days.
- Is a saving book provided with the Trust Account? If not, how would I know the status without the saving book?
No. There is no savings book provided to the Trust Account. An annual statement will be issued to the Donor on every 31st December yearly or by customer’s request.