The Trust Fund Agreement is a crucial legal instrument in Malaysian trust law, used to establish and govern the administration of trust assets. This document is essential when individuals or organizations wish to create a formal trust structure for asset protection, wealth management, or charitable purposes. The agreement must comply with the Malaysian Trustee Act 1949, Financial Services Act 2013, and other relevant legislation, making it suitable for both conventional and Islamic trust arrangements. It specifies the rights and obligations of all parties involved, including detailed provisions for trust management, asset distribution, and succession planning. Trust Fund Agreements are particularly relevant in scenarios involving family wealth preservation, charitable endowments, employee benefit schemes, or corporate trust structures, and must incorporate specific compliance requirements unique to the Malaysian jurisdiction.
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1. Parties: Identification of the Settlor, Trustee(s), and Beneficiaries with complete details
2. Background: Context of the trust creation, purpose, and intention of the settlor
3. Definitions: Definitions of key terms used throughout the agreement
4. Declaration of Trust: Formal establishment of the trust and transfer of assets to trustees
5. Trust Fund: Description of initial and future trust property and assets
6. Powers and Duties of Trustees: Comprehensive list of trustees' powers, responsibilities, and limitations
7. Distribution Rules: Rules governing how and when trust assets are to be distributed
8. Trust Administration: Procedures for day-to-day management of the trust
9. Appointment and Removal of Trustees: Process for changing trustees and requirements for trustee numbers
10. Trustee Remuneration: Details of fees and expenses payable to trustees
11. Duration and Termination: Term of the trust and circumstances for termination
12. Governing Law and Jurisdiction: Specification of Malaysian law and jurisdiction
1. Investment Powers: Detailed investment guidelines and restrictions - used when specific investment strategies are required
2. Shariah Compliance: Islamic law compliance provisions - required for Islamic trusts
3. Protector Provisions: Appointment and powers of a trust protector - used when additional oversight is desired
4. Foreign Element Provisions: Provisions dealing with foreign assets or beneficiaries - needed for international trusts
5. Charitable Purposes: Specific provisions for charitable trusts - required if trust has charitable elements
6. Letter of Wishes: Non-binding guidance from settlor - useful for discretionary trusts
7. Anti-Money Laundering Compliance: Additional AML provisions - required for large or complex trust structures
1. Schedule 1: Trust Assets: Detailed inventory of initial trust assets and their values
2. Schedule 2: Beneficiary Details: Full details of beneficiaries and their respective interests
3. Schedule 3: Investment Guidelines: Specific investment policies and restrictions
4. Schedule 4: Trustee Remuneration Schedule: Detailed fee structure and payment terms
5. Schedule 5: Administrative Procedures: Operational procedures for trust administration
6. Appendix A: KYC Documentation: Required identification and verification documents
7. Appendix B: Tax Declarations: Relevant tax forms and declarations
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