COMPARISON | WILL/ WASIAT WRITING | BENEFICIARY ACCOUNT (jointly offered by AHAM & AHTB) | TAILOR-MADE TRUST (offered by AHTB) |
---|---|---|---|
Purpose/ Objective | Common and traditional way of wealth distribution | Quick and hassle-free distribution to nominated beneficiaries | Customized and comprehensive structure to address client’s concerns and unique needs/ objectives on wealth preservation & distribution |
Effective date | Upon client’s demise | Upon client’s demise | Upon the Trust setup |
Assets covered | All kinds of assets | Only AHAM UTF Account – Cash Plan | All kinds of assets |
Implication on assets upon demise | Subject to court probate process | Bypass court probate process | Bypass court probate process |
Assets protected from creditors | No | No | Yes. Subject to Insolvency Act 1967 |
Ownership of assets in AHAM Account | Client | Client as primary account holder, AHTB as secondary account holder | AHTB will be the account holder upon the Trust setup |
Payment of medical expenses during disability | No | Client as primary account holder, AHTB as secondary account holder | AHTB will be the account holder upon the Trust setup |
Delay in assets distribution to beneficiaries | Generally no UNLESS there is a testamentary trust in Will | No | Yes |
Payment of living, education and medical expenses for young children upon demise | Generally no UNLESS there is a testamentary trust in Will | No. Immediate distribution to nominated beneficiaries within 14 working days | Yes |
Overcoming force-heirship rules for Muslims | No | No | Yes |
Estimated fees* | In the market, will-writing fees range widely. The charges largely depends on the service provider and according to the testator’s requirements. AHTB only offers will-writing to selective clients via promotional campaigns. | Setup fee: RM100* Admin fee: 0.75% or RM500 whichever higher (chargeable upon investor’s demise) | Setup fee: from RM8,000 Admin fee: 0.15% ~ 0.25% of total trust asset value (chargeable upon Trust setup) |