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CHARITABLE TRUST(Click '>' button for more )

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Created on May 21, 2021

GROUP 4

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Transcript

GROUP 4

Charitable Trust

WHAT IS CHARITABLE TRUST?

Precisely, for a charitable trust to operate, the settlor will create certain purposes which are so beneficial to the community at large.

POSITION IN LAW

The charity according to Commonwealth law is based on the Statute of Charitable Uses (1601) which aims to prevent the misuse of charitable trust. It contains the list of charitable purposes. The Court later recognised many new “charitable purposes” and accepted whichever suitable in the current social and economic circumstances.

BENEFITS

Validity - No strict requirements. May still be valid even if the terms are vague

Fiscal advantages - Exempted from income tax and rate under Income Tax Act 1967 and Local Government Act 1976

Enforcement - Attorney-General (AG) may institute a legal proceeding as a party on behalf of government or public.

4 APPROVED CHARITY

Relief of poverty, Advancement of education, Advancement of religion, Other purposes such as Social and recreational purposes,Sports,Health and Animals

REQUIREMENTS OF A CHARITABLE TRUST

A trust can only be charitable if it meets certain requirements, namely, it must be of charitable nature, it must be of public benefit and be wholly or exclusively charitable.

NON CHARITABLE TRUST

(where no individual directly benefits)

For a non charitable purpose trust to be valid, it need to cover a narrow field. (Five exceptions) Exceptions : Specific Animals, Tombs and Monument, Masses for Private Individual , Fox Hunting and Unincorporated Association

CONCLUSION

In sum, charitable trust is an ideal choice if you want to provide for your beneficiaries in the near future while also supporting a worthwhile cause.

Charitable Trust

REFERENCES

Mohsin Hingun & Wan Azlan Ahmad. (2013). Equity and Trusts in Malaysia. (2nd ed.). Sweet & Maxwell Asia.

By Joe, P. (2020, November 03). What Is a Charitable Trust and How Does It Work? Retrieved from https://www.hml-law.net/2019/10/charitable-trusts/#

VIDEO PRESENTATION

https://youtu.be/vr1MMEQwWbM