Have you ever wondered what happens to your assets and property after you pass away especially when it is intestate? In this article, we will delve into the complexities of joint bank accounts, explore recent cases, and discuss the importance of estate planning in ensuring your assets are distributed according to your wishes. Case...
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 the realm of estate planning, testamentary trusts serve as powerful tools to ensure the smooth transfer of assets to minor beneficiaries according to the wishes and arrangement of the settlor. In Malaysia, testamentary trusts provide individuals with the flexibility and control they desire over the distribution of their assets. To ensure a testamentary trust...
Making a Will is like setting up a roadmap for what happens to your assets after you pass away. But for foreigners residing or possessing assets in Malaysia, a pressing question arises: Can foreigners write a Will in Malaysia? Legal Framework Malaysia has a legal system that govern wills and estates, with the Wills...
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....
In the fast-paced and unpredictable journey of line, one of the most crucial aspects for responsible breadwinners in Malaysia is ensuring the financial security of their loved ones. Life insurance emerges as a powerful tool in this pursuit, offering a safety net that can provide peace of mind and stability for dependents in the face...
Estate planning and insurance are crucial aspects of financial management, yet many individuals harbor misconceptions that can hinder informed decision-making. Addressing these myths is vital for helping public navigate the complexities of securing their financial future. In this article, we will debunk some common misunderstandings surrounding estate planning and insurance. Myth 1: “Estate Planning...
