Comparison between Will and Trust: A Conceptual Review

Kuah Yoke Chin; Wei Chooi Yi; Nurul Afidah Mohamad Yusof; Zuriawati Zakaria; Zam Zuriyati Mohamad

doi:10.37231/jmtp.2021.2.4.161

Kuah Yoke Chin Department of Finance, Faculty of Business and Finance, Universiti Tunku Abdul Rahman
Wei Chooi Yi Department of Finance, Faculty of Business and Finance, Universiti Tunku Abdul Rahman
Nurul Afidah Mohamad Yusof Department of Finance, Faculty of Business and Finance, Universiti Tunku Abdul Rahman
Zuriawati Zakaria Department of Finance, Faculty of Business and Finance, Universiti Tunku Abdul Rahman
Zam Zuriyati Mohamad Department of Commerce and Accountancy, Faculty of Business and Finance, Universiti Tunku Abdul Rahman

DOI: https://doi.org/10.37231/jmtp.2021.2.4.161

Keywords: estate planning, will, trust, comparison, barriers, malaysia

Abstract

The growth of unclaimed inheritance in Malaysia is an issue since the independence of Malaysia. Inheritance planning or Estate planning can be defined as the process of determining how one’s property should be distributed to meet the deceased’ wish. There are two popular estate planning instruments namely will and trust. This study aims to explore the differences of will and trust as part of estate planning instruments. The concept of will and trust, as well as the comparison and barriers of estate planning have been discussed in depth. This study will provide more insights to people for better-informed decision in their estate-planning arrangements by understanding the key differences between these two estate planning instruments.

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