ASNB offers discounts on Hibah Amanah and Trust Declaration fees

KUALA LUMPUR: Amanah Saham Nasional Bhd (ASNB), the unit trust company of Permodalan Nasional Bhd (PNB), is offering a 45% discount on registrations for Hibah Amanah and Trust Declaration from Aug 1 to Oct 31, 2018.
During the promotion campaign, investors only need to pay a registration fee of RM100 instead of the standard fee of RM180 for Hibah Amanah (for Muslim investors) or Trust Declaration contract (for non-Muslim investors). In each contract, investors may nominate up to 10 beneficiaries for their investments in ASNB unit trusts.
ASNB CEO and executive director Mohammad Hussin said the promotion is aimed at encouraging ASNB investors to take proactive steps in managing their unit trust assets while they are still able to do so, for the assets to be easily claimed by the beneficiaries.

"Based on our experience, cash investments in ASNB unit trusts are usually required by the family members for daily living costs while they wait for other assets of the deceased to be distributed.
"With Hibah Amanah or Trust Declaration, investments in ASNB unit trusts can be claimed first and the beneficiaries only need to wait for a minimum of 30 days for the transfer of the unit trusts," he said.
Unlike the concept of nominees, where the nominee only acts as the executor for the funds inherited from the deceased, Hibah Amanah and the Trust Declaration enable the named persons to be the absolute beneficiaries of the assets.
Mohammad said since Malaysian law categorises unit trusts as private property, the claim process for ASNB unit trust is subject to probate and administrative law.
If the investor subscribes to Hibah Amanah or Trust Declaration, the respective beneficiaries do not have to appoint a power of attorney or probate. To make a claim, the beneficiaries only need to visit any ASNB branch.
A special feature of Hibah Amanah is that investors can choose anyone whom they want to appoint as their beneficiaries, including their adopted children.