Question: “My husband has passed away recently, and we did not write a Will before. We have no children. My husband has some savings, investments, and one property which is under his own name.” Answer: In this scenario, your husband is said to have died intestate. His estate will be distributed according...
Mr. Lim is married to Amy but is secretly involved in an affair with Bella. He wishes to leave some of his assets to Amy, his wife, and other assets to Bella, his mistress. Mr. Lim asks if it’s possible to write two separate wills—one for Amy and another for Bella—without either knowing about the...
Ensuring that your wishes are followed and your loved ones are protected requires estate planning, which is more than just a task to cross off a list. In an earlier article, we discussed some of the most important elements of estate planning and dispelled a few widespread misconceptions. However, it’s important to remember that many...
Peter (45 years old): “My monthly income is between RM10-15k. The assets I currently own are bank accounts, 2 houses, cars, investments and EPF. I have liabilities of around RM1 mil (mortgages & car loans).” For individuals with financial commitments and dependents, prioritizing comprehensive protection is essential. In addition to addressing basic life insurance coverage...
Ivan (Below 30 years old): “My monthly income is between RM3-5k. The assets I currently own are bank accounts, a car and EPF. I have liabilities of less than RM100k (credit card debt, PTPTN & car loan).” Financial Protection Measures Medical Coverage: Obtain personal medical insurance coverage, estimated to be less than RM300 per...
Who Can Nominate? According to Section 54(1A) of the Employees Provident Fund Act 1991, any member of the Fund may make nomination for the purpose of payment of credit after the death of the member. The nomination can be made by members by completing the EPF Form 4 and submitting it at any EPF branches nationwide,...
Mr Tan: “I have an outstanding mortgage loan of RM500k. I’m married with 2 children age 3 & 6 this year and my wife is not working. We don’t have any other loan. The assets that I currently own are bank accounts, shares investment, a joint-name property with my wife. Each of us have EPF...
What is a Will and why is it important? A will is a legal document that outlines how a person’s assets and estate should be distributed after their death. It’s crucial to ensure your assets are distributed as per your wishes. p/s There is no centralized system in Malaysia for your beneficiaries to check the...
Estate planning involves making decisions about how your assets will be distributed after your passing. Ensuring that your loved ones, including children, are taken care of is a primary concern. However, when complexities arise due to unconventional family situations, such as having an illegitimate child while in a committed relationship, navigating the legal and ethical...
Pets bring joy, companionship, and unconditional love to our lives. As responsible pet owners, it’s our duty to ensure that they are well-cared for, not just during our lifetime, but also after we’re gone. Just as we plan for the well-being of our human family members through wills and trusts, it’s essential to have a...
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