Making a Will is like setting up a roadmap for what happens to your assets after you pass away. But for foreigners residing or possessing assets in Malaysia, a pressing question arises: Can foreigners write a Will in Malaysia? Legal Framework Malaysia has a legal system that govern wills and estates, with the Wills...
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...
Peter (45 years old): “My monthly income is between RM10-15k. The assets I currently own are bank accounts, 2 houses, cars, investments and EPF. I have liabilities of around RM1 mil (mortgages & car loans).” For individuals with financial commitments and dependents, prioritizing comprehensive protection is essential. In addition to addressing basic life insurance coverage...
Ivan (Below 30 years old): “My monthly income is between RM3-5k. The assets I currently own are bank accounts, a car and EPF. I have liabilities of less than RM100k (credit card debt, PTPTN & car loan).” Financial Protection Measures Medical Coverage: Obtain personal medical insurance coverage, estimated to be less than RM300 per...
Estate planning is often associated with married couples, but it is equally essential for unmarried couples, especially a Will is revoked through marriage or re-marriage unless the Will is made in contemplation of a specific marriage. This article explores the significance of estate planning for unmarried couples in Malaysia, delving into the legal protections available...
Will serves as a crucial legal document expressing an individual’s wishes for the distribution of their assets, property, and belongings following his/her demise. In Malaysia, for a Will to be considered valid, it must include beneficiary(ies), asset(s) and property(ies), provisions for guardianship in case of minors, and importantly, the signatures of at least two witnesses....
In the realm of estate planning, the drafting and safekeeping of a Will are critical aspects that demand careful consideration. A Will serves as a legal document that outlines a testator’s wishes regarding the distribution of their assets after their demise. One often-overlooked aspect of this process is the custody of the Will, which carries...
The role of an executor is of paramount importance in ensuring the smooth administration and distribution of a testator individual’s estate. In Malaysia, the role of an executor is crucial in ensuring the smooth transition of assets according to the wishes of the testator. Therefore, the primary responsibility of an executor is to guarantee the...
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...
Why do you need a Will? How do you want your assets to be distributed when you are no longer around? Estate planning is, in fact, a critical financial and legal process that many individuals and families often overlook or delay. Many of us do not realize that under Malaysian law, when a person passes...
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