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Testamentary Trust Deed

Testamentary Trust Deed Template for Malaysia

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Key Requirements PROMPT example:

Testamentary Trust Deed

"I need a Testamentary Trust Deed to protect my Malaysian technology company shares and ensure controlled distribution to my three minor children, with specific provisions for their education expenses until they reach 25 years old and a professional trustee to manage the business interests until March 2025."

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Document background
A Testamentary Trust Deed is a crucial estate planning instrument used in Malaysia when an individual wishes to create a trust that takes effect upon their death through their will. This document is essential for individuals seeking to establish a structured and controlled distribution of their assets after their passing, particularly when dealing with complex family situations, substantial assets, or vulnerable beneficiaries. The deed must comply with Malaysian legislation, particularly the Trustee Act 1949 and Wills Act 1959, and includes comprehensive provisions for trust administration, trustee powers, beneficiary rights, and asset management. It's commonly used by high-net-worth individuals, business owners, and those with minor or special needs beneficiaries, providing a sophisticated mechanism for intergenerational wealth transfer while maintaining control over asset distribution and management.
Suggested Sections

1. Parties: Identifies the Settlor (testator), the appointed Trustees, and the named Beneficiaries

2. Background: Sets out the context of the trust creation and the testator's intention to create the trust upon death

3. Definitions: Defines key terms used throughout the deed including 'Trust Property', 'Beneficiaries', 'Vesting Date', etc.

4. Declaration of Trust: Formal establishment of the trust and transfer of assets to trustees upon death

5. Trust Period: Specifies the duration of the trust and any perpetuity periods under Malaysian law

6. Beneficiaries' Rights: Details the interests and entitlements of beneficiaries, including distribution rules

7. Trustees' Powers: Comprehensive list of powers granted to trustees in managing the trust

8. Trustees' Duties: Obligations and responsibilities of trustees under Malaysian law

9. Trust Administration: Procedures for day-to-day management of the trust

10. Appointment and Removal of Trustees: Process for changing trustees and minimum number requirements

11. Amendment and Variation: Circumstances under which the trust terms can be modified

12. Governing Law and Jurisdiction: Confirms Malaysian law as governing law and relevant jurisdiction

Optional Sections

1. Business Interests Provisions: Special provisions for handling business assets or company shares within the trust

2. Foreign Assets Provisions: Specific clauses for dealing with assets located outside Malaysia

3. Charitable Giving: Provisions for charitable donations or establishing charitable trusts

4. Guardian Provisions: Appointments and powers of guardians for minor beneficiaries

5. Letter of Wishes: Non-binding guidance from settlor to trustees about trust administration

6. Special Needs Provisions: Specific provisions for beneficiaries with special needs or disabilities

7. Investment Committee: Structure and powers of an investment committee if required

8. Dispute Resolution: Alternative dispute resolution procedures and mediation requirements

Suggested Schedules

1. Schedule 1 - Trust Property: Detailed inventory of initial trust assets and property

2. Schedule 2 - Beneficiary Information: Full details of beneficiaries including contact information and shares

3. Schedule 3 - Trustees' Powers: Comprehensive list of specific investment and management powers

4. Schedule 4 - Distribution Rules: Detailed rules and formulas for calculating beneficiary distributions

5. Appendix A - Forms: Standard forms for trustee appointments, removals, and resignations

6. Appendix B - Investment Guidelines: Specific investment policies and restrictions

7. Appendix C - Professional Advisors: List of appointed professional advisors including lawyers and accountants

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Legal Services

Wealth Management

Financial Services

Estate Planning

Private Banking

Trust Services

Family Office Services

Professional Services

Tax Advisory

Relevant Teams

Legal

Wealth Management

Estate Planning

Trust Administration

Private Banking

Compliance

Risk Management

Tax Advisory

Client Services

Document Management

Relevant Roles

Estate Planning Lawyer

Trust Officer

Private Wealth Manager

Financial Advisor

Tax Consultant

Probate Specialist

Trust Administrator

Legal Counsel

Wealth Planning Manager

Family Office Manager

Private Client Advisor

Estate Administrator

Trust Operations Manager

Compliance Officer

Risk Management Officer

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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