A Testator is an individual who is writing the Will/Wasiat. For example, if you are writing a Will/Wasiat for yourself, then you are the Testator.
An Executor is a role where an individual or corporation is appointed to administer your estate upon your demise. The Executor is responsible to carry out the instructions written in your Will/Wasiat and administer your estate (including settling your debts, liabilities and taxes) until all your estate is fully distributed. The role of an Executor is often combined with the Trustee role when being appointed in your Will/Wasiat.
A Trustee is a role where the individual or corporation is appointed to hold your assets on trust and to transfer the assets to your beneficiaries in accordance to the instructions of your Will/Wasiat. The role of a Trustee is often combined with the Executor role when being appointed in your Will/Wasiat.
An Executor & Trustee must be someone who is trustworthy and is reliable to administer your estate upon your demise. You may appoint a friend, a family member or even a Corporation to be your executor.
A Guardian is a role where the appointed individual is responsible to look after the welfare of your children who are minor (below 18 years old) or your special needs children.
Upon your demise, your spouse will automatically become the guardian for your children. In the unfortunate event where you and your spouse passes away together, you may appoint a friend, a family member or any thrustworthy individual who is willing to be the substitute guardian.
A beneficiary is an individual or a corporation who will benefit after your demise by inheriting the predetermined amount or assets specified by you.
Under the normal circumstances, the estate distribution may be administered according to your wishes as stated in the Will. However, your estate is subjected to any outstanding taxes and liabilities.
When a beneficiary is still under 18 years old, the beneficiary is unable to hold on to any assets under his or her ownership. Hence, the beneficiary’s portion shall be held on trust by the Trustee until he/she reaches the age of majority.
A Witness is an individual who participate in the validation process of your Will/Wasiat. Witnesses are required to be present when you are signing on your Will/Wasiat.
Your Witness may be a friend, a relative family member, or a third party individual. The Witness must not be your spouse, your beneficiary or your beneficiary’s spouse.
All assets under your ownership can be covered under your Will.
A Standard Will is a will writing services offered by PB Trustee Services Berhad to allow a simplified Will to be written by a Testator who wants to have a simple distribution (asset distribution by percentage only) and to get their Will done within a short amount of time.
A Comprehensive Will is a will writing services offered by PB Trustee Services Berhad to allow the Testator to customize their estate distribution manner in the Will in order to suit their needs. With a Comprehensive Will, you can have unlimited clauses written in your Will without any additional charges.
| Standard Will | Comprehensive Will | |
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A Testator is an individual who is writing the Will/Wasiat. For example, if you are writing a Will/Wasiat for yourself, then you are the Testator.
An Executor is a role where an individual or corporation is appointed to administer your estate upon your demise. The Executor is responsible to carry out the instructions written in your Will/Wasiat and administer your estate (including settling your debts, liabilities and taxes) until all your estate is fully distributed. The role of an Executor is often combined with the Trustee role when being appointed in your Will/Wasiat.
A Trustee is a role where the individual or corporation is appointed to hold your assets on trust and to transfer the assets to your beneficiaries in accordance to the instructions of your Will/Wasiat. The role of a Trustee is often combined with the Executor role when being appointed in your Will/Wasiat.
An Executor & Trustee must be someone who is trustworthy and is reliable to administer your estate upon your demise. You may appoint a friend, a family member or even a Corporation to be your executor.
A Guardian is a role where the appointed individual is responsible to look after the welfare of your children who are minor (below 18 years old) or your special needs children.
Upon your demise, your spouse will automatically become the guardian for your children. In the unfortunate event where you and your spouse passes away together, you may appoint a friend, a family member or any thrustworthy individual who is willing to be the substitute guardian.
A beneficiary is an individual or a corporation who will benefit after your demise by inheriting the predetermined amount or assets specified by you.
Under the Faraid law, your Faraid beneficiaries are your parents, spouse and your children. You may appoint anyone other than your Faraid beneficiaries in your Wasiat but it is limited to a certain set of rules.
When a beneficiary is still under 18 years old, the beneficiary is unable to hold on to any assets under his/her ownership. Hence, the beneficiary’s portion shall be held on trust by the Trustee until he/she reaches the age of majority.
You are able to distribute your estate with the following choices:
Harta Sepencarian or so called matrimonial assets are the assets (moveable and immoveable) which are acquired by a legally married couple during their marriage.
You are able to declare up to 50% of your asset to your spouse upon your demise. The final percentage of declaration of Harta Sepencarian is determined by the Syariah Court.
A Witness is an individual who participate in the validation process of your Will/Wasiat. Witnesses are required to be present when you are signing on your Will/Wasiat.
For a Muslim, your witness must consist of two male Muslims. In the absence of one male Muslim, it has to be replace with two female Muslim. Your Witness may be a friend, a relative family member, or a third party individual. The Witness must not be your spouse, your beneficiary or your beneficiary’s spouse.
All assets under your ownership can be covered under your Wasiat.
A Standard Wasiat is a wasiat writing service offered by PB Trustee Services Berhad to allow a simplified Wasiat to be written by a Testator who wants to have a simple distribution and to get their Wasiat done within a short amount of time.
A Comprehensive Wasiat is a wasiat writing service offered by PB Trustee Services Berhad to allow the Testator to customize their estate distribution manner in the Wasiat in order to suit their needs. With a Comprehensive Wasiat, you can have unlimited clauses written in your Wasiat without any additional charges.
| Standard Wasiat | Comprehensive Wasiat | |
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When a Will/Wasiat is misplaced or cannot be located, the Will/Wasiat may not take effect upon the Testator's demise unless it has been found.
When a Will/Wasiat has been tampered, the Will/Wasiat may be invalidated upon the testator's demise.
When a Will/Wasiat has been damaged, the Will/Wasiat may be not able to be probated and executed depending on the severity of the damages caused to the Will/Wasiat.
It is advisable to keep your Will/Wasiat in a safe place where it is safe from most natural hazards and is accessible by you, your beneficiary or your executor. You may keep all your relevant and important documents together with your Will. Please refrain keeping your Will/Wasiat in a Safety Deposit Box (SDB) as the SDB will be freezed upon your demise and no one is able to retrieve your Will/Wasiat for you.
Yes, you can! PBTSB provide a lifetime custody service for Will/Wasiat written by PBTSB to our clients at a cost.
Your Will/Wasiat is safely kept in our fire proof safe.
When you have written a Will/Wasiat with PBTSB, you may apply for PBTSB's lifetime custody service for PBTSB to safe keep your Will/Wasiat.
The lifetime custody service would only cost a small fee of RM600 (if you appoint PBTSB as your Executor) or RM800 (if you appoint an individual as your executor).
A settlor is an individual who establishes a trust. The settlor's role is to legally transfer ownership of an asset to a trustee, who will hold and administer the asset under trust for the benefit of the beneficiaries. This transfer is effected under the terms that the settlor and trustee have agreed on and which are documented in the trust deed. The settlor may also appoint themselves as one of the beneficiaries of the trust
A trustee is an individual or a corporation that is appointed to hold, administer and distribute the trust assets to the beneficiaries in accordance to the settlor's instructions.
When setting up a Private Trust with PBTSB, the trustee for your Private Trust would be PBTSB. As a trustee of your Private Trust, PBTSB will administer the Private Trust according to the instructions stated in the trust deed and letter of wishes.
A beneficiary is an individual or a corporation who will benefit from your trust by receiving the predetermined amount or assets specified by the settlor.
You may appoint your friend, family member or a corporation as your beneficiary in your trust.
Common distributions via Private Trust are:
* These distributions can be done during your lifetime or after your demise.
Only the entitled beneficiaries can claim from your Private Trust.
All assets under your ownership which is free from encumbrances can be placed under a Private Trust. Some common examples of assets that can be placed under a Private Trust are:
A Private Trust is creditors proof when;
The trust has been set up for 5 years or longer
The maximum trust duration for a Private Trust in Malaysia is up to 80 years long. This rule is exceptional if the Private Trust is a Charitable Trust where the trust duration of a Charitable Trust is perpetual.
A Living Trust is a Private Trust that is being set up and is effective during the lifetime of the settlor.
| Private Trust | Testamentary Trust | |
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| Effective | Effective during lifetime | Effective after death |
| Creditor Proof | Creditor proof (Only for Irrevocable Trust effective for 5 years and above) | Non-Creditor Proof |
| Probate Process | Don't have to go through probate process | Have to go through probate process |
| Revocability | The trust can be made either revocable or irrevocable depending on the objective of the Settlor in creating the Private Trust | Irrevocable after Trust is effective |
The Unit Trust Management Company (UTMC) will appoint PBTSB as the Trustee for the Unit Trust Fund.
No. The Trustee has the duty and responsibility to act honestly, fairly and in the best interest of the unit holders. The only time when the Trustee can utilize the unit holders’ money is when under the UTMC’s instructions (subject to any allowable expenses stated in the Trust Deed).
Yes, but only when the instructions from the Unit Trust Management Company is not in accordance to the trust deed and not in the best interest of the unit holders.
You may refer to Securities Commission Malaysia's website for the list of Unit Trust Management Companies in Malaysia or visit this link for the list of islamic fund management companies: https://www.sc.com.my/development/icm-v2/statistics/list-of-islamic-fund-management-companies
Unit Trust Scheme is under the supervision of Securities Commission but not limited to the following guidelines:
and the list is not exhaustive.
A corporation that meets the requirements as stated in Securities Commission Malaysia's guidelines is eligible to issue a corporate bond or sukuk to raise funds from the public for business expansion. The bond issuance execise is usually undetaken by a principal adviser, lead arranger, lead manager, bookrunner, facility agent and bond trustee/share trustee/security trustee.
Corporate Bond and Sukuk are under the supervision of Securities Commission (“SC”) under the Capital Market and Services Act 2007 and other SC’s Guidelines related to bonds
Electronic money (e-money) is a payment instrument that contains monetary value that is paid in advance by the user to the e-money issuer. The user of e-money can make payments for purchases of goods and services to merchants who accept the e-money as payment.
E-money can be issued in different forms, such as card-based (e.g. prepaid card) and network-based e-money which may be accessed through the internet, mobile phones or other devices.
The list of E-Money issuers in Malaysia can be found at Bank Negara Malaysia's website or at https://www.bnm.gov.my/non-bank-e-money-issuers
E-Money is regulated by Bank Negara Malaysia (BNM) under but not limited to the "Guideline on Electronic Money (E-Money)".
Escrow is a term whereby an asset or money is held by a third party on behalf of two other parties who are in the process of making a transaction.
PB Trustee Services Berhad's role as an escrow agent is to act as a neutral party between all the other parties involved to make sure that all requirements are met before any releasing of funds and transferring of assets to the intended party(s).
Often times, the escrow service is required when two or more parties are involved in a special business arrangement, whereby a thrid party is required to act independently as an escrow agent to discharge its duties and responsibilities. The escrow agent is required to administer and to ensure the terms and condtions stated in the escrow agreement are fulfilled. It also serves to minimise the risk of the parties from attempting to defraud the other parties involved.
The Personal Data Protection Act 2010 (PDPA) is an Act that came into force in Malaysia on 15 November 2013 with the objective to protect personal data of individuals in regards to commercial transactions.
Please visit the Department of Personal Data Protection's official portal for more information.