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...
Estate planning involves making decisions about how your assets will be distributed after your passing. Ensuring that your loved ones, including children, are taken care of is a primary concern. However, when complexities arise due to unconventional family situations, such as having an illegitimate child while in a committed relationship, navigating the legal and ethical...
Pets bring joy, companionship, and unconditional love to our lives. As responsible pet owners, it’s our duty to ensure that they are well-cared for, not just during our lifetime, but also after we’re gone. Just as we plan for the well-being of our human family members through wills and trusts, it’s essential to have a...
In the realm of estate planning, ensuring the well-being and financial security of your loved ones is paramount. For parents with minor children, this responsibility becomes even more crucial. One effective tool in safeguarding the future of your children is the establishment of a testamentary trust. This legal arrangement offers numerous benefits that can help...
Not everyone experiences just one marriage in their lifetime; some may enter into multiple marriages for various reason like divorce, the passing of a spouse, or personal choices. Incorporating your new spouse into your estate-planning can be a complex matter, especially when children from previous marriages are in the equation. Understanding the significant consideration surrounding...
When it comes to estate planning for families with minor children, establishing a testamentary trust can provide peace of mind and financial security for the future. Within a testamentary trust, the role of a trustee is of utmost importance. A trustee is entrusted with the responsibility of managing and safeguarding the assets for the benefit...
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