Starting from 1 January 2018, EPF members have an option to nominate Amanah Raya Berhad (ARB) as nominee in their Employee’s Provident Fund (EPF) other than next-of-kin. If a member chooses to nominate ARB as nominee, then ARB will act as an administrator for all member’s savings. A member can also appoint ARB as Trustee for a minor nominee who is below 18 years old. Estate administration fee will be charged a 2% flat rate of the total amount of member’s savings upon the members’ demise.
Without a Trust Declaration, the estate administration process is complicated and time-consuming. When a Unit Holder dies, the Executor or Administrator has to obtain the Court Order to claim and administer the deceased’s unit trust investments in ASBN and distribute it according to the Will or the Distribution Act (as Amended) 1958. Read more