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Will writing ensures that your estate will be distributed as per your wishes. Wills written includes appointing Citadel Trustee Berhad as an executor.
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A Private /Ā PersonalĀ trustĀ is aĀ trustĀ that an individual creates, formally naming themselves as the beneficiary.Ā Private / PersonalĀ trustsĀ are separate legal entities that have the authority to buy, sell, hold, and manage property for the benefit of theirĀ settlor.
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Private/ Personal trusts, which can be revocableĀ or irrevocable, living or testamentary, may be used to fund worthy causes such as higher education, while simultaneously helping to reduce or eliminate estate taxes.
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A private / personal trust can provide a range of benefits which may include:
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1. Reducing estate taxes and providing liquid assets to help pay for them
2. Providing for minor children or family members who are unable to handle financial matters wisely
3. Providing for the charities that you care about
4. Providing for a childās or grandchildās education or an elderly relative
5. Using a corporate trustee that provides professional management of personal assets like investments and real estate, should youĀ become unable to handle them and after you are gone.
For Business Entrepreneurs who would like to ensure their businesses would remain forever after they die and to be inherited to their loved ones.
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A living trust is a legal document, or trust, created during an individual’s lifetime where a designated person, the trustee, is given responsibility for managing that individual’s assets for the benefit of the eventual beneficiary. A living trust is designed to allow for the easy transfer of the trust creator or settlor’s assets while bypassing the often complex and expensive legal process of probate. Living trust agreements designate a trustee who holds legal possession of assets and property that flow into the trust.
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In a living trust concept, the trustee is given responsibility for managing an individualās assets for the benefit of the eventual beneficiary. A living trust is designed to allowĀ for the easy transfer of the trust creator or settlorās assets, while bypassing the complex and costly legal process of probate. Living trust agreements designate aĀ trusteeĀ who holds legal possession of assets and property that flow into the trust.
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Living trusts are managed by a trustee who typically has a fiduciary duty to manage the trust prudently in the best interests of the trustās beneficiary or beneficiaries designated by the trust settlor, also called a grantor. Upon death of the settlor, these assets flow to the beneficiaries according to the grantorās wishes as outlined in the trust agreement. Unlike a will, however, a living trust is in effect while the settlor is alive and the trust does not have to clear the courts to reach its intended beneficiaries.
Family trusts are a type ofĀ living trust, and they can beĀ revocable and irrevocableĀ depending on your wishes. For starters, a living trust is one that takes effect during your lifetime. A revocable trust can be altered or terminated at any time, while an irrevocable trust is permanent. With a revocable family trust, you can act as your own trustee, naming successor trustees to take over the reins if you become incapacitated or pass away. With an irrevocable trust, you must name someone else to act as the trustee.
Our clients can also opt to customize their trust according to their needs on the appointed beneficiaries and wealth as well as when to disburse their assets whether its on periodic basis or one-off basis.
The Benefit of writing a Will.
It ensures that your estate is distributed as per your wishes. Wills written includes appointing Citadel Trustee Berhad as an executor. The Will shall make provisions for specific legacies, inheritance and trust management for the estate.
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The Benefits:
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Ā·Ā Ā Ā Ā Ensures that distribution will be according to the testator.
Ā·Ā Ā Ā Ā Avoids all the hassle of administrative process and delays in distribution.
Ā·Ā Ā Ā Ā Protects the dependents from unreliable or unscrupulous persons who may gain control of the estate
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Will writing with āCitadel Will Planā
(CWP) will ensure that we produce an ethical Will as we will provide you guidance to help you steer the later stages of your life. At CWP, we will provide you advisory services in the context of continuity by providing a linkage from past to future generations.
We, Citadel Trustee Berhad (CTB), provide custodian services for funds, documents and other important properties on behalf of clients for privacy and confidentiality.Ā
