as-salihin trustee berhad your islamic estate planning specialist penyelesaian lengkap perancangan...
TRANSCRIPT
as-Salihin as-Salihin Trustee BerhadTrustee Berhad
Your Islamic Your Islamic Estate Planning Estate Planning
SpecialistSpecialist
PENYELESAIAN LENGKAP PERANCANGAN HARTA
PUSAKA ANDA
Legally effective arrangement Legally effective arrangement for the disposition and management for the disposition and management
of a person’s estate according to of a person’s estate according to Syariah and Civil lawSyariah and Civil law
DEATH IS
CERTAIN!!
Missing!!
Missing!!
Why we need Islamic Estate Why we need Islamic Estate PlanningPlanning
The Main link to
CComplete FFinancial
PPlanning
The Main link to
CComplete FFinancial
PPlanning
Many problems will Many problems will arise without proper arise without proper
Islamic Estate Islamic Estate PlanningPlanning
Small EstateSmall Estate
RM 600kRM 600k
Court OrderCourt Order
RM 600kRM 600k
Grant of Probate(Testacy)
Letter of Administration
(Intestacy)
Letter of AdministrationWith Will AnnexedWith Will Annexed
(Partial Intestacy)(Partial Intestacy)
RM600,000 and below
Moveable Assets Only
(Testacy/Intestacy)
Wholly/Partly Immovable Assets
(Intestacy)
Amanah Raya Berhad District Land Administrator
Settlement of all funeral expenses;Settlement of all funeral expenses;
Settlement of debts (actual or spiritual);Settlement of debts (actual or spiritual);
Testamentary disposition;Testamentary disposition;
Settlement of any claim of Settlement of any claim of Harta Harta SepencarianSepencarian; ; Division of the residuary estate of the Division of the residuary estate of the deceased deceased in accordance with the principles in accordance with the principles of Faraid.of Faraid.
Harta Harta SepencariaSepencaria
nn
WasiatWasiat
HibahHibahTrustTrust
WakafWakafCharitabCharitab
leleDonatioDonatio
nn
Islamic EstateIslamic EstatePlanningPlanning
WasiatWasiat is an is an iqrariqrar or declaration of a or declaration of a person made person made during his lifetime with during his lifetime with respect to his property or respect to his property or benefit benefit thereof, to be carried out for the purpose thereof, to be carried out for the purpose
of charity or for any other purpose of charity or for any other purpose permissible by permissible by Islamic law after his Islamic law after his death.death.
Iqrar Iqrar is an admission made by a is an admission made by a person, in writing person, in writing or orally or by or orally or by gesture, stating that he is under an gesture, stating that he is under an obligation or liability to another person in obligation or liability to another person in respect respect of the same right.of the same right.
AssetFrozen
Application for dispensationof Sureties
orApplication for
Appointing 2 sureties(Administration Bond)
Administratorappointed
AssetFrozen
Application forgrant of Probet and Sijil Faraid
Probate grantedL.A granted
findingAdministrator
Consent inwriting from
All beneficiaries Executor
Application for Letters ofAdministration
(appointment of administratorand Sijil Faraid)
Intestacy(without will)
Testacy(with will)
Asset free Asset free
Testacy
Intestacy
Death
Death
Probate obtained*
Petition
6 months
Petition
2 months 1 year
1 year
Application to have sureties appointed
Letters of Administration (LA) process
Typical Time Frame
2 years 3 years
Notes * May take longer in some jurisdiction ** Petition for LA may take even longer if even one heir does not agree on the appointment or if the appointee is not willing to act *** Finding suitable sureties can be a hassle and this may further delay the process of obtaining the LA
Estate distributed
18 months
4 years30 months 5 years
Estate distributedLA obtained*
LOCATE THE WILL
Applying for a Grant of Applying for a Grant of ProbateProbate
Calling in testator’s Calling in testator’s assetsassets
Paying testator’s Paying testator’s debtsdebts
Preparing a statement of Preparing a statement of accountaccount
Distributing testator’s Distributing testator’s assets according to Wasiatassets according to Wasiat
Distributing testator’s assets according Distributing testator’s assets according to Faraidto Faraid
Administration of deceased’s estate
Avoid Family Contention
Vesting of deceased’s Vesting of deceased’s estate and the right to estate and the right to carry on with deceased’s carry on with deceased’s affairaffair
Calling in deceased’s Calling in deceased’s assetsassets
Exemption from Administration Bond
Appointment of GuardianAppointment of Guardian
Right to bequeath away 1/3 of the deceased estate to to non-heirsnon-heirs
Harta SepencarianHarta SepencarianProperty Property acquired;acquired;• by husband and wifeby husband and wife
• during the during the subsistence of a valid subsistence of a valid marriagemarriage
• both parties have both parties have contributed either contributed either directly or indirectly directly or indirectly towards the towards the acquisition of such acquisition of such property.property.
RM100k
RM40kRM60k
Direct ContributionDirect ContributionPENYELESAIAN LENGKAP PERANCANGAN HARTA
PUSAKA ANDA
RM100k
RM0k
RM100k
Indirect ContributionIndirect ContributionPENYELESAIAN LENGKAP PERANCANGAN HARTA
PUSAKA ANDA
• Hajjah Saudah Hajjah Saudah vv.. Hanafi; Hanafi;(Harta Sepencarian claim can be made (Harta Sepencarian claim can be made
after the death of the after the death of the spouse)spouse)
• Boto’ Boto’ vv.. Jaafar; Jaafar;((Accompanying husband during fishing trips Accompanying husband during fishing trips was considered as contribution)was considered as contribution)
• Robert @Kamarulzaman Robert @Kamarulzaman vv.. Ummi Ummi Kalthom Kalthom
(Husband and Muslim convert can also (Husband and Muslim convert can also claim Harta claim Harta Sepencarian)Sepencarian)
CASESCASES
PROPERTIES NOT PROPERTIES NOT DEEMED HARTA DEEMED HARTA
SEPENCARIANSEPENCARIAN• Gift received by way of Gift received by way of inheritance;inheritance;
• Gift received by way of Gift received by way of hibah hibah before and before and during marriageduring marriage
WHETHER EPF WHETHER EPF CONTRIBUTIONS CAN BE CONTRIBUTIONS CAN BE CONSTRUED AS HARTA CONSTRUED AS HARTA
SEPENCARIAN?SEPENCARIAN?Fatwa Majlis Kebangsaan Hal Fatwa Majlis Kebangsaan Hal Ehwal Ugama Islam MalaysiaEhwal Ugama Islam Malaysia
(22 Feb 2005)(22 Feb 2005)
EPF contribution cannot be EPF contribution cannot be construed as construed as Harta SepencarianHarta Sepencarian
Advantages of Harta Advantages of Harta Sepencarian Sepencarian DeclarationDeclaration All parties can decide and agree upon the way of All parties can decide and agree upon the way of
distributiondistribution Absolute satisfaction of parties as regards their Absolute satisfaction of parties as regards their respective shares respective shares Rights of both spouses fully protectedRights of both spouses fully protected Peace of mindPeace of mind Expedite distribution processExpedite distribution process Cost savingCost saving No contention@ disputeNo contention@ dispute Convenient and easyConvenient and easy
A Trust is a legal obligation that comes A Trust is a legal obligation that comes into existence when an individual into existence when an individual
(known as Settlor) transfers the legal (known as Settlor) transfers the legal ownership of his assets to another ownership of his assets to another
person (Trustee) to hold for the benefit person (Trustee) to hold for the benefit of the beneficiariesof the beneficiaries
SETTLOR TRUSTEE
BENEFICIARIES
Sets the terms and conditions of the trust & transfers the ownership
of trust assets to as-Salihin
Operation of Living TrustOperation of Living Trust
as-Salihin carries out the wishes of settlor as per the Trust Deed
The settlor may also The settlor may also name himself as one of name himself as one of beneficiaries of the beneficiaries of the Maintenance TrustMaintenance Trust
• Trust property is not considered part of the settlor’s estate
• You may decide on the terms of the distribution and these are not subject to Faraid
• There is no limit as to the amount you can place in a trust and your beneficiaries can be anyone, Muslim or non Muslim alike.
• Governed by the Trustee Company Act 1949 and the terms of the Trust Deed
Advantages of Living Advantages of Living TrustTrust
ADVANTAGES OF HAVING ESTATE PLANNING
1. To protect your estate and beloved ones1. To protect your estate and beloved ones
Unit Trust / Shares
$ $$ $
2. Expedite Legal Process
3. Saving Cost and Energy
4. Easy
5. Peace of Mind
as-Salihin is a trust company governed by as-Salihin is a trust company governed by the Companies Act 1965 and is registered the Companies Act 1965 and is registered pursuant to the Trust Companies Act 1949pursuant to the Trust Companies Act 1949
Established to fullfill the needs of Muslim to Established to fullfill the needs of Muslim to preserve, protect and distributepreserve, protect and distribute their hard their hard earned assets for the benefits of their loved earned assets for the benefits of their loved
ones through Syariah compliant estate ones through Syariah compliant estate planning.planning.
as-Salihin Trustee Berhadas-Salihin Trustee Berhad
Tun Dato’ Dr. Haji Mohamed Salleh AbasTun Dato’ Dr. Haji Mohamed Salleh Abas S.S.M, P.M.N, P.S.M, P.Y.G.P, S.P.M.T, D.P.M.T, J.M.N.S.M.T.LLB(Hons) S.S.M, P.M.N, P.S.M, P.Y.G.P, S.P.M.T, D.P.M.T, J.M.N.S.M.T.LLB(Hons)
(Wales) of Middle Temple, Barrister.(Wales) of Middle Temple, Barrister. Solicitor- General Malaysia 1969-1979Solicitor- General Malaysia 1969-1979
Federal Court Judge 1979-1984Federal Court Judge 1979-1984 Lord President 1984 – 1988Lord President 1984 – 1988
Member of Syariah Appeal Court, Kelantan 1998 - 2000Member of Syariah Appeal Court, Kelantan 1998 - 2000 Member of the Royal Commission on the Malaysian Police Force 2004– 2005Member of the Royal Commission on the Malaysian Police Force 2004– 2005
ChairmanChairmanas-Salihin Trustee berhadas-Salihin Trustee berhad
1. Tun Dato’ Dr. Haji Mohamed Salleh Abas1. Tun Dato’ Dr. Haji Mohamed Salleh Abas S.S.M, P.M.N, P.S.M, P.Y.G.P, S.P.M.T, D.P.M.T, J.M.N.S.M.T.LLB(Hons) S.S.M, P.M.N, P.S.M, P.Y.G.P, S.P.M.T, D.P.M.T, J.M.N.S.M.T.LLB(Hons) (Wales) of Middle Temple, Barrister.(Wales) of Middle Temple, Barrister. Solicitor- General Malaysia 1969-1979Solicitor- General Malaysia 1969-1979 Federal Court Judge 1979-1984Federal Court Judge 1979-1984 Lord President 1984 – 1988Lord President 1984 – 1988 Member of Syariah Appeal Court, Kelantan 1998 - 2000Member of Syariah Appeal Court, Kelantan 1998 - 2000 Member of the Royal Commission on the Malaysian Police Force 2004– Member of the Royal Commission on the Malaysian Police Force 2004–
20052005
2. Tunku Dato’ Dr. Hajjah Sofiah Jewa 2. Tunku Dato’ Dr. Hajjah Sofiah Jewa D.J.M.K., D.S.D.K., J.P., L.L.M., (Miami), Ph.D, (Miami) D.J.M.K., D.S.D.K., J.P., L.L.M., (Miami), Ph.D, (Miami) of Lincoln’s Inn, Barrister, Advocate and Solicitor of Lincoln’s Inn, Barrister, Advocate and Solicitor Founder of Yayasan Tun Suffian BerdaftarFounder of Yayasan Tun Suffian Berdaftar..
3. Datuk Dr. Jemilah Mahmood3. Datuk Dr. Jemilah Mahmood M.D., M.O.C., M.R.C.O.G., D.P.M.P., P.J.N. M.D., M.O.C., M.R.C.O.G., D.P.M.P., P.J.N. Consultant Obstetriction & Gynaecologist,Consultant Obstetriction & Gynaecologist, Founder and President of Mercy MalaysiaFounder and President of Mercy Malaysia
BOARD OF DIRECTORSBOARD OF DIRECTORS
4. Puan Fatimah Binti Mahmood 4. Puan Fatimah Binti Mahmood Associate Member of the Institute of Chartered Secretaries and Associate Member of the Institute of Chartered Secretaries and
AdministratorsAdministrators
5. Tuan Hj Abdul Aziz Peru Mohamed5. Tuan Hj Abdul Aziz Peru Mohamed Former Senior General Manager Ambank BerhadFormer Senior General Manager Ambank Berhad (2002-2005)(2002-2005) Former General Manager Maybank BerhadFormer General Manager Maybank Berhad (1999-2002(1999-2002))
BOARD OF DIRECTORSBOARD OF DIRECTORS
1.1. Tun Dato’ Dr. Haji Mohamed Salleh AbasTun Dato’ Dr. Haji Mohamed Salleh Abas
2.2. S.S Dato’ Setia Haji Mohd Tamyes bin Abd.Wahid S.S Dato’ Setia Haji Mohd Tamyes bin Abd.Wahid Dato’ Sri Utama Diraja Mufti Negeri SelangorDato’ Sri Utama Diraja Mufti Negeri SelangorB.A. Syariah Wal QanunB.A. Syariah Wal QanunUniversiti Al-Azhar, MesirUniversiti Al-Azhar, Mesir
3.3. Prof. Dato’ Paduka Dr. Mahmood Zuhdi bin Hj. Abdul MajidProf. Dato’ Paduka Dr. Mahmood Zuhdi bin Hj. Abdul MajidB. Sh (N.P), M. Sh (Azhar) M. Phil (Kent) Ph.D (UM) B. Sh (N.P), M. Sh (Azhar) M. Phil (Kent) Ph.D (UM) Dip. Edu (A. Shams)Dip. Edu (A. Shams)Professor in Fiqh dan Usul DepartmentProfessor in Fiqh dan Usul DepartmentAkademik Pengajian IslamAkademik Pengajian Islam University MalayaUniversity Malaya
4.4. Dr. Siti Mashitoh binti MahamoodDr. Siti Mashitoh binti MahamoodB. Sh. (UM), M.Sh. (UM),B. Sh. (UM), M.Sh. (UM), Ph.D (Birmigham)Ph.D (Birmigham)Head of Syariah and Laws Department, University MalayaHead of Syariah and Laws Department, University Malaya
BOARD OF SYARIAH ADVISORSBOARD OF SYARIAH ADVISORS
Chief Executive OfficerChief Executive Officer
Tuan Hj. Abdul Aziz Peru Mohd
Financial AdvisorFinancial Advisor
Encik Johari Low Bin Abdullah@Low Han Hing
Group Chairman Rockwills International Sdn Bhd
Dato’ Dr. Hj. Yaacob Hussain Merican D.J.M.K., A.S.D.K., J.P., LL.M (Miami), Ph.D, (Miami)
of Lincoln’s Inn, Barrister, Advocate and Solicitor
Honorary ConsultantHonorary Consultant
1.1. Harta Sepencarian DeclarationHarta Sepencarian Declaration
2.2. WasiatWasiat
• Wasiat-writing serviceWasiat-writing service
• Wasiat Custodial ServiceWasiat Custodial Service
• Wasiat Translation ServiceWasiat Translation Service
• Appointment of ExecutorAppointment of Executor
• Document Custodial ServiceDocument Custodial Service
• GuardianshipGuardianship
3.3. Estate AdministrationEstate Administration
4.4. HibahHibah
Perancangan Harta Islam yang ditawarkan Perancangan Harta Islam yang ditawarkan oleholeh
as-Salihin Trustee Berhadas-Salihin Trustee Berhad5.5. Trusteeship Trusteeship• Living TrustLiving Trust• Amanah Saraan HidupAmanah Saraan Hidup• Amanah InsuransAmanah Insurans• Amanah PendidikanAmanah Pendidikan• Amanah Persaraan EmasAmanah Persaraan Emas
6.6. WakafWakaf
7.7. Declaration HibahDeclaration Hibah