One of my relatives, Sara, is a retiree, aged 62 and single. During our conversation, she shared that she has approximately RM100,000 in cash and a condominium worth RM700,000. She also spends RM2,500 a month on living expenses, which includes paying for two life insurance policies (covering critical illness and life insurance) with a combined...
Thinking about the future can feel overwhelming, but planning ahead is one of the best ways to protect your loved ones and secure their financial well-being. Trusts are an incredibly versatile tool to help manage and distribute your wealth, safeguard your children’s inheritance, and make sure that your assets are used responsibly. In Malaysia, there...
Appointing a guardian in your will is essential, but have you thought about how they’ll manage the costs of raising your child? While many people are willing to step in as guardians, raising children is expensive, and without proper financial support, even the most capable guardian might struggle. So, how can you ensure your chosen...
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...
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...
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...
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...
Mr Tan: “I have an outstanding mortgage loan of RM500k. I’m married with 2 children age 3 & 6 this year and my wife is not working. We don’t have any other loan. The assets that I currently own are bank accounts, shares investment, a joint-name property with my wife. Each of us have EPF...
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