A Trust is a legal arrangement where asset ownership is transferred from the person who set up the Trust (settlor) to another person/corporation (Trustee) for the benefit of one or more people (beneficiaries). The beneficiary holds an equitable interest in the asset even though the trustee has the legal ownership. A Trust can be created intentionally or by virtue of a statutory Trust. Some Trusts which are intentionally created includes an education Trust, maintenance Trust, charitable Trust and certain insurance Trusts.
A Muslim is able to set up a ‘Hibah' arrangement for the benefit of their treasured ones. It is a gift of your love to your treasured ones during your lifetime by way of love and affection and without expecting any kind of return or consideration. Furthermore, ‘Hibah' is not subject to Islamic Law on inheritance or ‘Faraid'.
Maybank Trustees Berhad is able to assist you in setting up a ‘Hibah' which is designed to safeguard the interest of all respective parties concern in the ‘Hibah' arrangement.
‘Hibah' is documented vide a private contractual arrangement whereby a Muslim ("Donor") voluntarily allocates his property to his treasured ones ("Donee") and the property will be immediately transfer to the Donee upon the demise of the Donor without any necessity to obtain Grant of Probate or Letter of Administration from the High Court.
In ‘Hibah' arrangement, a Donor have an option to make a condition that the gift will be transferred back to him if the Donee predecease the Donor before accepting the gift, which in normal circumstances the gift will go to the Donee's estate.
Why Maybank Trustees Berhad?
A dedicated team to advise and assist you in ensuring your intentions are met and your legacy preserved for generations.
Wills & Trusts Team
Should you have any queries or require further explanation on Wills and Trusts or related matters, kindly contact Retail Trustee Services at the following numbers:
|Shahri Zain Abd. Munir||03-2074 firstname.lastname@example.org|
|Firdaus Ali Mokhtar||03-2074 email@example.com|
|Careline||03-2074 8222 (Tel)|
03-2070 9387 (Fax)
Call usGot a question? Call Maybank Trustees at 03-2074 8222 or email firstname.lastname@example.org
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