Can I nominate my minor child (below 18 years old) as my EPF beneficiary? Yes, but kindly reconsider. If you nominate a child under 18, KWSP will not release the money immediately. Instead: EPF will act as a trustee and keep the funds until your child reaches 18. A guardian cannot freely withdraw the money,...
Not long ago, a close friend of mine shared a heartbreaking story. Her uncle, a hardworking businessman in Penang, had always provided well for his family. He had a life insurance policy worth RM1 million, and when he passed away suddenly, everyone thought, “At least his children are secure.” But what happened next shocked the...
Have you ever wondered what would happen if both you and your spouse passed away unexpectedly? Who would take care of your children? Would they be financially secure? In Malaysia, children under 18 cannot inherit money or property directly, which could create serious complications for their future if proper plans aren’t in place. Let’s have...
Employees Provident Fund (EPF) is one of Malaysia’s most vital retirement savings schemes. Most EPF members name a spouse, child, or parent as their nominee to receive these savings upon death. But what happens if that nominee dies before you and you forgot to update your nomination? This article explains the legal implications and the...
As an estate planner, I’ve often heard this statement from clients: “EPF money is protected. The government says creditors can’t touch it.” At first glance, this seems correct—and legally, it is. But what many don’t realize is that this belief only holds true under very specific conditions, and one overlooked detail can change everything. ...
In real life, I’ve heard too many people say, “We’re already divorced—there’s no way he (or she) can inherit anything from me.” But the truth is, what you assume to be “automatically invalid” has no standing in the eyes of the law. Especially when it comes to your EPF (Employees Provident Fund) and Estate Distribution...
Have you ever wondered how many Malaysians have no idea what would happen if a joint property owner passes away? In reality, there are many implications to consider from different perspectives, including legal and financial aspects. Case Study: Alan & Brenda – Joint Property Owners Alan and Brenda jointly purchased a property. If Alan passes...
When you purchase life insurance, ensuring that your loved ones receive the payout as intended is critical. However, the smooth distribution of the payout depends on the type of nomination you choose. Let’s explore the different types of nominations and how they affect the distribution of your insurance payout. Making a Nomination in Malaysia...
Myth 1: “If you don’t name any beneficiaries in your EPF accounts, your family members won’t be able to access the funds.” Many people believe that if they fail to name a beneficiary for their EPF (Employee Provident Fund) account, their family members won’t be able to access the funds. Truth: In the event of...
Question: Hi, I’m divorced and living in my condominium in Puchong with my 3-year-old child. I work in Singapore and travel back to Malaysia twice a month. My sister takes care of my child while I’m away, as my ex-husband does not provide any care. If I pass away, how can I...
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