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...
“My child is under 18 years old and is the nominee for my EPF and insurance, and I appoint my sister as the executor of my Will, will the savings from my EPF and insurance payout go to my sister?” This is a common concern for parents planning their estate. Let’s clarify the roles involved...
Let me share our estate planner’s experience, as they are often asked during policy reviews with their clients, “What happens if there is no nomination made in my insurance policy?” I feel it is necessary to explain this in detail. a. Payment to the Applicant with Legal Documents If no nomination is 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...
The Employee’s Provident Fund (EPF) is a compulsory savings scheme for Malaysian workers, designed to ensure financial security in retirement. When an EPF member passes away, the funds are distributed to the nominees listed by the member. However, complications can arise if one of the beneficiaries predeceased the EPF member. Question 1: Can the...
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...
Who Can Nominate? According to Section 54(1A) of the Employees Provident Fund Act 1991, any member of the Fund may make nomination for the purpose of payment of credit after the death of the member. The nomination can be made by members by completing the EPF Form 4 and submitting it at any EPF branches nationwide,...
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