An Overview of Private Trust
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 is 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.
Trust Benefits :
- Assets and monies are properly invested
- The Trustee manages, and administers the Trust Assets independently
- Trust Fund monies are utilized for intended beneficiaries
- The terms of distribution are decided by the Settler (owner)
Parents of young children and key providers should set up this Trust.
A life assurance policy can be absolutely assigned to us and create an Insurance Trust instantly in favour of the spouse and/or children named as a beneficiary of the policy. The policy money does not form part of the estate of the assured and consequently, no Grant of Probate or Letter Administration is required in making claim when the assured dies. Furthermore, the money payable under such a policy is protected against creditors subject to Section 52 of the Malaysian Bankruptcy Act.
Anyone who has invested in an insurance policy and has dependents should set up this trust.
Client Service Help Line
Client Services Helpline:
03-2166 7830 ext. 106/ 109/110
(from Monday to Friday)
Private Trust Address
Private Trust Unit
Pacific Trustees Berhad,
(Co. Reg. No. 317001-A)
Unit A-9-8, 9th Floor,
Megan Avenue 1,
189, Jalan Tun Razak,
50400 Kuala Lumpur.
Fax: 603-2166 9830
Tel: 603-2166 8830