Emily Tan, a retired teacher from Kuala Lumpur, has always been passionate about education and humanitarian work. As she plans her estate, she wants to ensure that her values and passions are reflected in her legacy. Emily decides to include charitable donations in her Will. Through Will Emily identifies World Vision Malaysia, a charity...
A commorientes clause, as described in the Will, establishes that beneficiaries can only receive gifts if they survive the testator by a specified period, typically 30 days after the testator’s passing. This provision is particularly important in situations where both the testator and beneficiary pass away simultaneously, or when it’s impossible to determine the order...
Louis purchased a Semi-D house two years ago for RM 650,000. Louis still owes RM 600,000 on his loan, with monthly payments of RM 3,000 at 4.1% interest per annum. Louis lives in the house with his wife and 2-year-old son; both his parents have passed away. Let’s consider this question, “What happens to Louis’s...
In our previous discussion, we addressed concerns about the potential misuse of life insurance payouts in a buy-sell agreement. To establish a more reliable succession plan, we’re exploring an alternative approach that incorporates Wills. Here’s how it works: You and your business partner will still get life insurance policies, but with a twist. Instead of...
In our last article, we talked about how keyman insurance helps protect a business if something happens to a key person. Now, let’s talk about another helpful thing: the Buy-Sell Agreement. Think of the Buy-Sell Agreement as a safety net for business partners. It’s like a plan for what happens if one partner can’t work...
Mr. Tan, who’s the top sales guy at a local marketing company. He’s the one who makes sure the company sells its products and does well. But what if Mr. Tan suddenly can’t work because he got hurt in an accident? That’s when keyman insurance comes to help. Keyman insurance is not your usual insurance....
Based on a 2016 survey conducted by PricewaterhouseCoopers (PwC), it was found that almost one-third, or 31%, of family businesses in Malaysia do not have a plan for passing on their business to the next generation. This reveals a significant gap in long-term planning, which the survey terms the ‘missing middle’. In the realm of...
Divorce can be complicated, especially when it comes to deciding who gets custody of the children. Laws like the Law Reform (Marriage and Divorce) Act 1976 and the Guardianship of Infant Act 1961 lay out the legal framework for resolving child custody matters. But beyond just splitting responsibilities between parents, the focus is on what’s...
In Malaysia, assets held within insurance policies are expressly exempted from the estate of the deceased individual. This provision is designed to protect the entitlements of the insured’s spouse and children with respect to the insurance proceeds, thereby mitigating any prospective claims from the creditors of the deceased. The legal foundation for this exclusion is...
Trustees play a pivotal role in the administration of trusts, holding a fiduciary duty to act in the best interests of the beneficiaries. However, there are circumstances in which a trustee may be held liable to the beneficiaries. The Trustee Act of 1949 delineates the powers, duties, and responsibilities of trustees, providing the foundation upon...
LOT A-06-38, IOI BOULEVARD, JALAN KENARI 5, BANDAR PUCHONG JAYA, 47170 PUCHONG, SELANGORServices
