Able Retiree Trust (ART) is a special needs trust focus primarily on supplementing aged and disabled individuals to be provided with the envisaged retirement strategy and plan. Disabilities are not limited to physical disabilities but shall include mental disorder or incapacitated.
WHAT IS A TRUST?
A Trust is a legal agreement established between a Settlor and a Trustee, with the purpose of holding, managing, and distributing assets to specified beneficiaries as outlined in the Trust Deed.
The Settlor specifies the management and distribution of assets through the trust deed, while the Trustee assumes a fiduciary responsibility in overseeing and monitoring the daily administration of the Trust, for the benefit of the beneficiaries.
WHY SET UP ABLE RETIREE TRUST (ART)
- Protects assets and prevents mismanagement
- Protects against misuse or disputes
- Avoidance of lengthy legal guardianships proceedings under the Mental Health Act 2001 (Malaysia)
- Ensures continuity of care and provision
- Allows access to funds for medical and living expenses
- Customizable according to needs
ABLE RETIREE TRUST (ART ) STRUCTURE
WHAT ART CAN DO?
Secure retirement funds
To help safeguarding retirement funds over a specified period and to manage effectively the funds utilization, especially during unforeseen circumstances affecting the Settlor to be mentally incapacitated (e.g. due to dementia, intellectual disability, brain injury) in accordance to wishes of Settlor.
Continuity of Financial Management
To offer a practical and efficient alternative to individuals who have not established a family office, in managing, and protecting retirement funds. This relieves the Settlor from the administrative burden of monitoring the utilisation and distribution of retirement funds, especially during time of incapacity.
Preserve access to medical aid and healthcare support
To support the Settlor in the event of physical or mental incapacity in handling their everyday expenses, including allowances, caregiver expenses, medical fees, and more, through the utilization of trust funds, which may consist of cash, medical insurance, and life insurance proceeds, to sustain their lifestyle and healthcare needs without encounter additional financial strain or delays.
Avoid Court-Ordered Guardianship
To reduce delay in taking over management of retirement funds and making timely decisions in the event of incapacitated, as family members may need to apply for court-appointed guardianship, which can be time-consuming, stressful, and expensive