A Bridge For The Union Of Two Worlds

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By Peter Lee

Not long ago I came across an article which carried a story of an 11-year-old in Sabah who killed himself because he could not stand the poverty he was living in. He was found hanged from the ceiling of his house. Apparently, he could not endure the cruel teasing at school by classmates who likened the porridge he brought from home daily to that of dog vomit. Nadarajah was once a carpenter in the city. He suffered a stroke in year 2004. As a result, he lost his ability to work and provide for his family. His entire family now risk losing their home because they could not afford rental. Mariam suffers from renal failure and her crippling medical cost for 12 dialysis treatments is RM540 per month. Her father is always away from home and she is desperate for help. Lingam was paralysed since age 19 from a fall. He is now living on Social Welfare with a monthly allowance of RM150. His family depends on food donations. These sad stories tell us that the world of poverty has no sympathy and it is happening around us right now and there are many similar cases across the country. Therefore, is there hope for them?

Their hopes will always depend on the philanthropic world. The encouraging news is that there are more and more wealthy individuals nowadays who are willing to donate substantial amounts of their wealth to eradicate poverty. Some of these whom I have known personally are doing these good deeds without any publicity. However, I am sure there are many more out there who want to do the same thing but are looking for the right people or organisation to handle their money and pass it to their intended recipients while they are alive and continue to do so after they pass away. Many charities are connected to foundations but one can consider setting up a Charitable Trust where the Trust is in your name. The advantage of this is you don’t require any approval from any authorities when it comes to setting it up because you will be the only authority approving this Trust. When setting up this Trust, you are called the “Settlor”. You get to choose your “Trustee”. In the case of continuity, then the choice of a “Trustee Company” like Rockwills Trustee Bhd is considered as most suitable because it provides expertise, impartiality and perpetuality. After you have chosen the Trustee, you can then choose your management committee whom you trust to provide sound advice to the Trustee on certain issues of donation if you are not around. Your management committee can have a minimum of 5 to a maximum of 7 members. However, if your instructions to the intended recipients are straight forward then you can leave it to the Trustee Company to execute your instructions. Then you must list down the choice of your recipients, the criteria of donation and the initial amount for funding. Finally, all this information must be stated in a legal document called the “Trust Deed” and this is the bridge for the union of two worlds to unlock the chain of poverty.

Peter Lee is an Associate Estate Planning Practitioner (Wills & Trust) with Rockwills International Group. He is also an Islamic Estate Planner providing Wills & Trust services for Muslims. He is based in Ipoh and can be reached at: 012-5078825/05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

1 thought on “A Bridge For The Union Of Two Worlds

  1. If I’m in the position whereby I can donate substantially to the needy, I would not wait any longer and will proceed to act and create a Charitable Trust to help the less fortunate ones.

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