Saturday, June 18, 2005

Setting Up a Trust

Few facts on setting up a Trust:

1. You need a lawyer who is familiar with Trust or Private Wealth Management. He/ she should understand the criteria of an irrevocable trust.
2. The legal fees of setting up a simple Trust can be as low as RM600. Depending on the complexity, the price ranged from RM600 to RM2,000
3. To protect against bankrupcy, in Malaysia, the Trust has to be irrevocable
4. Be prepare to pay stamp duty upon transfer of property. A good lawyer in the subject of Trust will be able to tell you what structure can be adopted to avoid stamp duty.
5. There are corporate trustee companies who provide services as trustee (when you choose to let others as your trustee) Find out the list of corporate trustee companies from Financial Planning Malaysia's directory.

Part 1: Trust, a shield for financial certainty
Part 2: Trust, a shield for financial certainty (2)
Part 3: Setting up a trust

1 comment:

Anonymous said...

Regarding "few facts on setting up a trust" :

3. To protect against ...........

on top of irrevocable trust, we should also highlight the conditions stated in Bankruptcy Act Section 52 on the 2-year and 5-year time line.