As the top-rated Chinese TV broadcaster in Malaysia, 8TV has attracted huge audiences and established wide influence. Its “MONEY MATTERS” a financial talk show, which airs on the 8TV, regularly invites financial and monetary experts from various fields to share their professional views and comments on the hottest topics or policies.

In this programme, Mr Melvin Mui and Mr Mong Chung Chee, as the guests of the sixth episode of the fifth season of “MONEY MATTERS”, shared their rich experience and professional knowledge to the general public, helping them understand the significance of Overseas Trusts and their practical applications more comprehensively.

When it comes to Trusts, most people still have a stereotypical image that they are exclusively belong to the affluent population. In fact, as Mr Melvin Mui noted, “originated from the British Common Law, Trust has a long history of over 100 years in Hong Kong. As a legal tool, Trust can deliver benefits for a wider range of people”. In principle, there is no threshold for setting up a Trust account.” Therefore, Trust services can reach out to a wider range of people , under which, the settlor can not only distribute their assets like estate planning, but also can ensure that his or her loved ones, such as parents, spouses and descendants, can be properly taken care of after death.

Mr Melvin Mui also cited the two examples of the late renowned artistes in Hong Kong, Lydia Shum Din-Ha, a comedian actresses and emcee star, as well as Anita Mui, a singing and acting diva, in order to further illustrate the advantages of Trust compared with testament: Wealth can be fully distributed in accordance with the wishes of the settlor in terms of designated distribution object, distribution time, distribution form, distribution conditions, distribution amount, etc. When you set up a Trust, you will be able to take care of the people you really want to take care of and prevent your wealth from being squandered within a short period of time after inheritance. Indubitably, Trust is a sophisticated tool for inheritance that is perfect for many people, fully ensuring that the settlor can show love and care and perform their responsibilities to the families they care about most.

Hong Kong Trusts enjoy global recognition, by contrast, Malaysia is still in the nascent stage, in spite of the last amendment to the Trustee Act 1949 (Revised 1978), current laws and regulations are difficult to keep up with rapidly changing market satisfy clients’ needs. Therefore, Mr Mong stressed, “it is worthwhile for the Malaysian industry insiders to learn more from Hong Kong Trusts. On the one hand, compared with testament, it provides a better option for wealth inheritance, on the other hand, it becomes a goal that inspires the government and the industry to work together to achieve.”

In addition, a testament is public document in which when the principal passes away, whose contents and the proportion in relation to inheritance may be disclosed, when the testament is executed in the legal proceedings. Therefore, this tends out to be an incentive for family property dispute. According to Mr Mong, “confidentiality and privacy is undoubtedly one of the most important benefits of setting up a Trust”. It’s unlikely to trigger inheritance disputes among beneficiaries, so as to effectively prevent family members from being embroiled in family discord, while better preserving family wealth by effective separation of the spouses’ respective assets.

All in all, sophisticated and mature tools for wealth inheritance will guarantee our next generations more love and care. Through this broadcast of “MONEY MATTERS”, HKFA has made a growing number of Malaysians realised that Hong Kong Trust continues to be of great importance to family inheritance. Looking ahead, with further popularisation, we have full confidence that Hong Kong Trusts will become much better known to a large variety of local people, as a preferred choice in achieving long-term prosperity of family business.