Mr. Tan came to us with a question, “Can me and my wife just write one Will for both of us?”. He had heard that couples could share one will, known as mutual will, which might seem convenient. He brings this question to us seeking clarification. What is ‘Mutual Will’? A mutual will is...
In our last week’s article, we explored the case study of Mr. Lim and Mrs. Lim, highlighting how a testamentary trust can minimize family disputes over inheritance and ensure a smooth transfer of assets in accordance with Malaysian law. So this week, we want to discuss another scenario involving Mr. Soh and Mrs. Soh....
In estate planning, ensuring the financial security of minor children is paramount. For many parents, this raises the question: ‘Should they rely on a simple will or set up a testamentary trust?’. Let’s delve into this question through the case study of Mr. Lim and Mrs. Lim and examine how Malaysian law supports the use...
As legacy advisors in Malaysia, we are also facing some questions which related to testamentary trust. A common question we encounter is from individuals like Mr. Lee, who asked, “Should I choose Trustee Company like Amanah Raya or an individual trustee for my trust?”. Trustee Company such as Amanah Raya, which is the only...
Under Section 4(2) of the Probate Administration Act 1959, [(2) If any beneficiary is an infant, or if a life interest arises under the will or intestacy, administration shall be granted either to a trust corporation (with or without an individual) or to not less than two individuals: Provided that— (a) the Court may in...
Mr. Alan and Ms. Betty are going to get married. Ms. Betty has two children with her ex-husband, and she is currently taking care of them. Mr. Alan has come to us and ask whether these two children are entitled to inherit his estate according to Distribution Act 1958, as he currently does not intent...
First, allow me to explain the concept of guardianship. Guardianship is a legal concept that plays a vital role in ensuring the welfare and protection of children below 18 and who are unable to manage their own affairs in Malaysia. It is governed by the Guardianship of Infants Act 1961. Next, let us...
I recently received a call from our company’s estate planner. During our conversation, he informed me about an issue encountered with one of his clients. He provided a brief background of the situation: Madam Siow, aged 56, has two sons, Alan (age 26) and Eric (age 30), and was divorced two years ago. She made...
I recently discovered an interesting conversation between our professional estate planner and Mr. Wong, a diligent accountant deeply invested in securing his family’s future. During our discussion, Mr. Wong raised a crucial question: Why is life insurance important? I realize that many of you might wonder why life insurance is important in financial planning and...
Mr. Lim came to us with a question: “I’m a Malaysian citizen married to a foreign woman, and we have a son who isn’t a Malaysian citizen. I own few properties in Malaysia. Can I appoint my foreign son as my executor and include both my son and wife as beneficiaries in my will?”. ...
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