A Declaration of Trust After Purchase is commonly used in Malaysia when property is purchased in one person's name but is intended to benefit multiple parties. This document is essential in situations where, for practical or strategic reasons, not all beneficial owners are named on the property title. It complies with Malaysian trust law, particularly the Trustees Act 1949 and the National Land Code 1965, and serves to protect the interests of all parties involved. The declaration includes crucial details such as the property description, beneficial ownership proportions, trustee powers, and administration provisions. It's particularly valuable in family arrangements, investment structures, and property holding schemes where legal and beneficial ownership need to be distinguished.
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1. Parties: Identifies the Trustee(s) and Beneficiary(ies) with their full legal names and addresses
2. Background: Explains the context of the purchase and intention to create the trust
3. Definitions: Defines key terms used throughout the document
4. Declaration of Trust: Formal declaration that the property is held in trust
5. Trust Property Details: Specific description of the property held in trust
6. Beneficial Ownership: States the beneficial ownership shares and rights
7. Trustees' Powers and Duties: Lists the specific powers and obligations of the trustees
8. Trust Duration: Specifies the duration of the trust arrangement
9. Trust Administration: Details day-to-day management of the trust property
10. Governing Law: Confirms Malaysian law governs the trust
11. Execution: Formal signing section with witness requirements
1. Trust Income Distribution: Used when the trust property generates income that needs to be distributed
2. Minor Beneficiaries: Include when any beneficiaries are under 18 years old
3. Trustee Remuneration: Include if trustees are to be compensated for their services
4. Replacement of Trustees: Procedures for removing and appointing new trustees, if desired
5. Dispute Resolution: Include specific dispute resolution procedures if desired
6. Trust Protector: Include if a trust protector is to be appointed to oversee trustees
1. Schedule 1: Property Details: Detailed legal description of the trust property, including title details
2. Schedule 2: Purchase Details: Information about the original purchase, including price and date
3. Schedule 3: Beneficiary Shares: Detailed breakdown of beneficial ownership percentages
4. Appendix A: Trust Powers: Comprehensive list of trustee powers under the trust
5. Appendix B: Initial Trust Assets: Inventory of any additional assets placed in trust besides the main property
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