Mr. Lim recently lost his father, who left behind an outstanding housing loan of RM500,000. As the sole beneficiary named in the will, Mr. Lim is worried. He wonders, “Will I have to take over my father’s housing loan? Can the bank continue charging interest on the outstanding amount after my father’s death?”
These are common concerns that many people face when handling inheritance matters. In this article, we’ll address these questions and provide practical solutions to manage debts left behind by a deceased loved one under Malaysian law.
Debts Don’t Disappear Upon Death:
When someone passes away, their debts do not automatically get written off by the banks. In Malaysia, there is no law that mandates banks to forgive outstanding debts, including housing loans, of the deceased.
Banks Can Continue Charging Interest:
Since the debt remains after death, the bank is legally entitled to continue charging interest on any outstanding amounts, including housing loans, until these debts are fully settled.
Are Beneficiaries Responsible for the Deceased’s Debts?
No, beneficiaries are not personally responsible for paying off the deceased’s debts. The debts are tied to the deceased’s estate, not to the beneficiaries.
Paying Off Debts Before Inheritance Distribution:
Under Section 68 of the Probate and Administration Act 1959, the executor or administrator of the estate must first use the assets of the deceased to settle all outstanding debts, including legal fees, funeral expenses, taxes, and any housing loans, before distributing the remaining assets to the beneficiaries.
You may refer to our previous article: Does your executor still have to pay for your housing loan after you have died?
Prepare for Immediate Funds:
To avoid complications, it’s wise to prepare enough immediate funds to cover any outstanding debts. One way to do this is through life insurance, which can provide quick access to funds upon death. This ensures that debts, such as a housing loan, can be paid off swiftly, preventing further interest from accumulating and allowing for a smoother inheritance process.
By understanding these key points, you can better manage the financial aspects of dealing with a loved one’s passing and ensure that their estate is handled properly according to Malaysian law.
You may make an appointment with our legal advisor here:
https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
亲人去世后，欠下的债务要怎么办？
林先生最近失去了他的父亲，父亲留下了一笔50万令吉的房贷还没还清。作为遗嘱里唯一的受益人，林先生很担心。他想知道：“我是不是要帮我父亲还房贷？父亲过世后，银行还能继续收利息吗？”
这些问题其实是很多人在处理资产时会碰到的烦恼。今天我们就来聊聊这些问题，顺便给大家一些实际的建议，希望大家对马来西亚的资产法律能有更清楚的了解。
债务不会因为去世就消失
人一去世，银行的债务并不会自动被消失。在马来西亚，没有法律规定银行一定要免除逝者的债务，像房贷这样的大额债务也不例外。
bank有权继续收利息
因为债务还在，银行当然有权继续收利息，不管是房贷还是其他债务，直到这些债务被完全还清。
受益人要自己还债吗？
不用担心，受益人不需要用自己的钱来帮死者还债。债务是跟死者的资产挂钩，不会转移到受益人身上。
先还债，才能分遗产
根据1959年的《遗嘱认证与遗产管理法》(Probate and Administration Act 1959) 第68条，执行人 (executor) 或管理人 (administrator) 必须先用死者的资产来还清所有债务，包括律师费、葬礼费、税务以及房贷等等，之后才能把剩下的资产分给受益人。
你可以看看我们之前的文章：Does your executor still have to pay for your housing loan after you have died?
提前准备应急资金
为了避免麻烦，最好提前准备足够的钱来应付这些未还清的债务。一种办法就是买人寿保险，这样一去世后就能马上拿到一笔钱来还债，像房贷这种大额债务也可以迅速解决。这样就可以避免利息继续滚大，也让遗产的继承过程更加顺利。
希望通过今天的分享，大家能更了解如何处理亲人去世后留下的债务问题，并根据马来西亚的法律妥善处理好资产。
