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...
The probate or administration process in Malaysia is the legal avenue through which the estates of deceased individuals are distributed according to their wishes or in accordance with the law. If a deceased person has not provided instructions for some of their assets and properties, the distribution of such assets or properties will follow the...
In the realm of estate planning, the drafting and safekeeping of a Will are critical aspects that demand careful consideration. A Will serves as a legal document that outlines a testator’s wishes regarding the distribution of their assets after their demise. One often-overlooked aspect of this process is the custody of the Will, which carries...
The role of an executor is of paramount importance in ensuring the smooth administration and distribution of a testator individual’s estate. In Malaysia, the role of an executor is crucial in ensuring the smooth transition of assets according to the wishes of the testator. Therefore, the primary responsibility of an executor is to guarantee the...
Why do you need a Will? How do you want your assets to be distributed when you are no longer around? Estate planning is, in fact, a critical financial and legal process that many individuals and families often overlook or delay. Many of us do not realize that under Malaysian law, when a person passes...
Guardianship is a legal concept that plays a vital role in ensuring the welfare and protection of minor and individual who are unable to manage their own affairs in Malaysia. Guardianship is governed under Guardianship of Infants Act 1961 which highlights the rights and responsibilities of guardians in Malaysia. In this article, we will delve...
The answer is yes. The housing loan will not automatically cease upon your death. It is the duties of your executor to call in assets. Once your executor had called in assets, he shall continue to make repayment of the housing loan using the assets you left behind. Does Mortgage Reducing Term Assurance (MRTA) covers...
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