Introduction
Pengisytiharan Amanah
Trust Declaration is an estate management service provided by ASNB for non-Muslim Malaysian Unit Holders. It adopts the concept of a trust where unit trust investments are managed by ASNB and transferred directly to named beneficiaries after the death of the Unit Holder.
Concept
Eligibility Requirement
![<p data-pm-slice="1 1 []">Non Muslim Malaysian Unit Holders age 18 years old and above.</p>](https://asnb.gix.my/uploads/tick_db6cc73723.svg)
Open to all eligible ASNB funds.
Comparison of Claim Process
Advantages of Pengisytiharan Amanah
Unit Holders determine the beneficiaries and its distribution.
Beneficiaries are the absolute receivers.
![<p data-pm-slice="1 1 []"><span style="color:#193CEB;">Beneficiaries are the absolute receivers.</span></p>](https://asnb.gix.my/uploads/notis_penting_graphic_3_e826b4c3d8.png)
Competitive service fees.
![<p data-pm-slice="1 1 []"><span style="color:#193CEB;">Competitive service fees.</span></p>](https://asnb.gix.my/uploads/registration_Auto_Labur_f2e839e4cf.png)
Letter of Administration or Grant of Probate is not required.
![<p data-pm-slice="1 1 []"><span style="color:#193CEB;">Letter of Administration or Grant of Probate is not required.</span><br> </p>](https://asnb.gix.my/uploads/Labur_dengan_disiplin_5715ad8c67.png)
Unit Holder still retains control and enjoy the investment benefits while alive.
![<p data-pm-slice="1 1 []"><span style="color:#193CEB;">Unit Holder still retains control and enjoy the investment benefits while alive.</span></p>](https://asnb.gix.my/uploads/kuasa_kompaun_73762088ae.png)
Without Pengisytiharan Amanah
Terms & Conditions
Benecifiaries (Donees)
Individuals.
Limited up to 10 Donees.
A legal guardian must be appointed if the Donee is below 18 years old.
![<p data-pm-slice="1 1 []">Benecifiaries (Donees)</p>](https://asnb.gix.my/uploads/Penerima_c1935d9296.png)
Donor
Non-Muslim Malaysian Unit Holder must be 18 years old and above.
Have a minimum investment balance of 1,000 units (excluding units under financing / collateral / EPF Members Investment Scheme).
1,000 units must be maintained in the respective fund/s during the period of the Pengisytiharan Amanah.
General Terms & Conditions
100% of absolute and wholly-owned units must be assigned to all listed Donees.
Units invested through financing / collateral are subjected to the agreement between the unit holder and the financial institution.
ASNB has the right to withdraw the Pengistiharan Amanah agreement if there is any form of violation on the terms & conditions by the Donor and if the Donor is no longer eligible to be a ASNB Unit Holder.
Service Fee
| TYPE OF FEE | RATE |
|---|---|
| Registration | RM180 |
| Additional Registration | RM90 |
Revocation | RM70 |
| Change of Donee/ Registered Guardian/ Addition or removal of Fund Note: Once registered, fund selected for administration fee deduction may not be amended. | RM20 |
Administration | RM10 Annually |
| Administration to Claim | |
|---|---|
| BALANCE OF INVESTMENT (RM) | RATE |
| First 25,000 | 1.50% |
| The Next 225,000 | 1.00% |
| The Next 250,000 | 0.50% |
| The Next 500,000 | 0.25% |
| The Remaining Balance | 0.10% |
Pengiraan Yuran Tuntutan
Example:
Investment holding balance RM200,000
| First RM25,000 | 1.50% = RM375 |
| Remaining RM175,000 | 1.00% = RM1,750 |
| Total Fees | = RM2,125 |
(Fees will be deducted from investment holding balances based on the current rate when distribution is paid to Donees.) | |
FAQ
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:
The funds registered must be given to the Donee(s) in its entirely (100%)
To be eligible, the balance units of each unit trust fund must be 1,000 units and above
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.
5. Eligibility of Applicant/Donor/Eligibility of Donee
A. Eligibility of Applicant/Donor
ASNB's unit holders
Malaysians
Age 18 and above
Non-Muslim
Not a bankrupt
Sound mind
The Trust Declaration is automatically revoked
The unit trust funds will then be frozen
The rights of the Donor will be determined by the Bankruptcy Law following the Insolvency Department's instructions, and so on
A guardian must be appointed by the court who will be acting on behalf of the Donor based on the court's order.
B. Eligibility of Donee
Donor can name any individual as a Donee limited to 10 persons per contract
Not a bankrupt
Donee is not a bankrupt at the time of payment of claim
The donee is encouraged to register as a unit holder with ASNB, if eligible
Open to Malaysian or non-Malaysian
Sound mind
Open to all religions
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:
parents
grandparents
siblings
registered guardian approved by ASNB
C. Registration
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:
Application form (PH1B)
One original copy of Power of Attorney
No.
Yes, subject to the minimum balance of 1,000 units.
Yes, subject to the minimum balance of 1,000 units
D. Estate Distribution of 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:
ASN Imbang 2 (100%)
- Donee A - 20%
- Donee B - 30%
- Donee C - 50%
E. Administration Fee
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) |
deduction from income distribution (if any) of ASNB fund selected for Administration Fee during registration; or
deduction from principle unit of the selected fund for Administration Fee; or
deduction from the 1,000 units blocked during Trust Declaration 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.
No, the Donor may not change the unit trust fund previously selected for annual Administration Fee deduction.
F. Claim and Payment
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.
G. Revocation of Trust Declaration
Yes, Trust Declaration can be revoked.