Citadel Trustee Launches New Trust To Help Malaysians Preserve Wealth

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 The Citadel Dynasty Trust is designed to address common issues in legacy planning such as legal limitations, probate delays and high estate administration costs.
Citadel Trustee Bhd staff and potential clients at the launch of the Citadel Dynasty Trust in Petaling Jaya today. (Citadel Trustee pic)PETALING JAYA: Citadel Trustee Bhd has launched the Citadel Dynasty Trust, a new private trust structure aimed at helping Malaysian families preserve their wealth across multiple generations
The trust is designed to operate within the 80-year framework permitted under Malaysian trust law and addresses common issues in legacy planning, including legal limitations, probate delays and high estate administration costs.
At the trust’s launch here today, Citadel Group director Fred Chan noted that most Malaysians lacked awareness of estate planning, which often resulted in delays and complications in wealth distribution to their heirs and beneficiaries.
Chan said the trust allowed for full, partial or customised distributions triggered by specific events such as death or total permanent disability, with beneficiaries able to receive funds within three working days, substantially faster than standard probate timelines.
The Citadel Dynasty Trust only requires a one-time setup fee with no ongoing trustee charges.
“The Citadel Dynasty Trust offers a legally sound and flexible framework for families who want to secure their wealth for future generations,” he said.
“Unlike other trustees that charge an annual interest fee of up to 4.5%, which gradually erodes the initial trust capital, we require only a one-time payment of RM40,000.
“This ensures that the initial trust capital, for example, RM1 million, remains intact for up to 80 years until distribution,” he said.
He also said Citadel Dynasty Trust expects to achieve its asset under management (AUM) target of RM5 billion in five years after its launch.
Chan said Citadel Trustee was looking to promote the Citadel Dynasty Trust among senior citizens and clients from Hong Kong, Indonesia, Singapore and other countries with inheritance tax laws who were looking to invest their wealth in Malaysia.
“We will also have a shariah-compliant version for our Muslim clients in the future,” he said.
The launch coincides with Citadel Trustee’s fifth anniversary. Since its establishment in 2020, the company has focussed on innovation and client service in the areas of estate and legacy planning.
Citadel Trustee is a subsidiary of the Citadel Group, a private trust management company providing wealth planning solutions to over 15,000 clients ranging from individuals, families and businesses. - FMT

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