HIBAH TRUST

Apart from all the advantages applicable for Private Trusts, Hibah Trust utilizes the “Hibah” concept in the Trust. In this process, the Settlor will entrust PB Trustee Services Berhad to preserve, manage and eventually distribute the assets for the benefit of the Trust Beneficiaries.

This is an excellent tool to avoid the Settlor’s assets from being subject to extensive estate administration procedures which is time consuming. By setting up Hibah Trust, the Settlor can determine the proportions of assets to be given to the loves ones and able to provide immediate liquidity for family in the event of sudden demise.

TYPES OF HIBAH TRUSTS

• Property Trust
  For the management and transfer of landed property or real estate. Under a property trust, legal ownership of a landed property must be transferred to PB Trustee Services Berhad upon execution of the Trust Deed. The Trust Deed will specify the manner in which PB Trustee Services Berhad will hold, manage and distribute the property. The Property must be free from any encumbrances.
• Insurance Trust
  
  Absolute Assignment
  A vehicle for Life Insurance proceeds to be collected and effectively managed and distributed upon Settlor’s demise. There is no annual fee that the Settlor need to pay PB Trustee Services Berhad until PB Trustee Services Berhad has received the insurance proceeds.
• Maintenance Trust
  A Trust funded with mixed class of assets i.e. cash, properties, shares, etc to provide for the maintenance, living expenses, educational needs and other periodic financial needs of the Beneficiaries.
• Charitable Trust
  A Trust with mixed class of assets to provide for the furtherance and development of any charitable organisation and/or purposes permitted and recognized by islamic laws.
  

BENEFITS

• A personalized approach for the protection, preservation, accumulation and distribution of wealth and enhance the concept of protection and succession planning.
• Asset(s) are held in safe custody, ensuring professionalism, confidentiality and are being protected to meet specific needs.
• Trust fund is held in safe custody by PB Trustee Services Berhad for the beneficiaries and is properly invested and/or managed in the interim period pending distributions.
• Beneficiaries who are minor and incapacitated are protected from unreliable guardians who may otherwise have unchecked control over the application of the beneficiary’s asset/funds.
• Unlimited choice of beneficiaries and for Muslim customers, the gift of asset during their lifetime to beneficiaries of their choice will not be restricted by the laws of ‘Faraid’.
• Asset(s) will not be frozen upon client’s demise and it avoids the necessity for the Grant of Representation i.e. immediate distribution of asset(s) held under trust.