Can I appoint a professional or corporate trustee?

Last modified: September 1, 2023
Estimated reading time: 1 min

Yes, you can appoint a professional or corporate trustee in Malaysia. Professional or corporate trustees are entities that specialize in providing trust administration services. They have the expertise and experience to effectively manage trusts and carry out the fiduciary duties associated with trusteeship.

Appointing a professional or corporate trustee offers several potential advantages:

1. Expertise and experience

Professional trustees have in-depth knowledge of trust administration, investment management, and legal requirements. They can ensure that the trust is managed efficiently and in accordance with applicable laws and regulations.

2. Impartiality and objectivity

Professional trustees can provide an unbiased perspective and act in the best interests of the beneficiaries, without being influenced by personal relationships or conflicts of interest.

3. Continuity and longevity

Professional trustees are established entities that can provide long-term trust administration services. They can ensure continuity even if individual trustees change or are unable to continue serving.

4. Compliance and record-keeping

Professional trustees are familiar with the legal and reporting requirements of trust administration. They can assist with maintaining accurate records, preparing financial statements, and fulfilling tax obligations.

When appointing a professional or corporate trustee, it is important to carefully consider their reputation, qualifications, track record, and fee structure. It is advisable to review the terms of their service agreement, understand their responsibilities and obligations, and discuss any specific requirements or preferences you may have for the trust administration.

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