We want to help you make the right and appropriate decision at all times.

We want to help you make the right and appropriate decision at all times. BBS can help you sort things out with ease. But first, you have to know the difference and what you need to do to get it done.

Will
A will is a legal written paper that outlines a persons definitive instructions for his or her property, heirs, and interests after death. In general, a will specifies how the deceaseds possessions will be distributed to designated heirs and beneficiaries. A will can only be activated after the person passed away. One of the upsides of writing a will is its the easiest method to manage your estate and asset when you passed away. There are a few necessary requirements that you need to meet to start the process of writing a will. To set up a will, the testator should be at least 18 years old and sound mind when heshe is signing the will. The testator must sign the will with the present of 2 witnesses who are at least 18 years old and should not be the beneficiary or spouse of beneficiary.

Trust
A trust is a legal arrangement between the settlor, the original holder of the property or asset, to a trustee, the right to hold the estate or property of the settlor. The purpose of a trust is for the benefit of the beneficiary, to provide protection for the settlors property and asset, to ensure that the property and asset are distributed according to the settlors wishes, to save transaction time and paperwork, and in some cases, for tax planning. Setting up a trust involves a trusted company or third party where the settlor will determine who the beneficiary is. Designated assets and property will then be assigned to the trust and the trustee will have the right to administer and supervise these assets while the beneficiary enjoys the benefit of the trust. The duration of a private trust is a maximum of 80 years only on Malaysia mainland, whereas Labuan private trust can exist for an unlimited period. Significant differentiation between trust and will is that trust can be activated even when the settlor is still alive. alive. ge the foundation properties.s.

Foundation
A foundation is a separate legal entity which can be used to hold assets for wealth structuring and succession planning. As a concept it is neither a company nor a trust, although it has features of both. In short, the goal of a foundation is similar to a trust where it is created for the benefit of the beneficiary, to distribute property and assets according to the settlors preferences, reducing paperwork and time, and for tax planning in certain scenarios. A foundation, unlike a trust, has a strong legal framework that is on-par of a corporation. The effects of foundation can start even when the settlor is still alive, and the duration is unlimited. To start a foundation, youll need to work with a trust company to establish a foundation memorandum. The memorandum will act as a guideline to the formation and operation of the foundation. The settlor then must decide on appointing different parties to form a foundation council who will ensure the daily operation of the foundation and to appoint a professional as an officer who will solely manage the foundation properties.

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