Amanah Saham Nasional Berhad (ASNB) has introduced the Declaration of Trust for the investment in ASNB Unit Trusts as they don’t allow a non-Muslim Unit Holder to make a nomination.
Without a Trust Declaration, the estate administration process is complicated and time-consuming. When a Unit Holder dies, the Executor or Administrator has to obtain the Court Order to claim and administer the deceased’s unit trust investments in ASBN and distribute it according to the Will or the Distribution Act (as Amended) 1958.
What is Trust Declaration?
Declaration of Trust is the appointment of a few persons as the beneficiaries [Donee(s)] for the unit trust investments in ASBN by a non-Muslim Unit Holder [Donor] during his lifetime through a Trust Deed. The distribution of the unit trust investments will be made after his demise. The Trust Declaration can be revoked by the Donor during his lifetime.
In this Trust deed, the Donor and Donee(s) agree that when the Donor predeceases the Donee(s), then the Trust Asset will be distributed according to the division specified in the Trust Deed. On the other hand, if any of the Donee(s) dies before the Donor, the Trust Asset will be returned to the Donor.
Please click here to download Trust Declaration Fee.