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...
Under Section 4(2) of the Probate Administration Act 1959, [(2) If any beneficiary is an infant, or if a life interest arises under the will or intestacy, administration shall be granted either to a trust corporation (with or without an individual) or to not less than two individuals: Provided that— (a) the Court may in...
Mr. Alan and Ms. Betty are going to get married. Ms. Betty has two children with her ex-husband, and she is currently taking care of them. Mr. Alan has come to us and ask whether these two children are entitled to inherit his estate according to Distribution Act 1958, as he currently does not intent...
I recently received a call from our company’s estate planner. During our conversation, he informed me about an issue encountered with one of his clients. He provided a brief background of the situation: Madam Siow, aged 56, has two sons, Alan (age 26) and Eric (age 30), and was divorced two years ago. She made...
Mr. Lim came to us with a question: “I’m a Malaysian citizen married to a foreign woman, and we have a son who isn’t a Malaysian citizen. I own few properties in Malaysia. Can I appoint my foreign son as my executor and include both my son and wife as beneficiaries in my will?”. ...
Creating a Will is an essential step in securing the future of your loved ones and ensuring that your assets are distributed according to your wishes. However, some people may wonder if they can include their future children (i.e. those yet-to-be-born) in their Will. The role of Testamentary Trust Before we delve into whether...
Mr. Lim, a successful businessman, committed to providing for his family – his wife, Mei Ling, and their son, Wei. Despite losing his parents long ago, he was determined to secure a stable future for his own. However, he forgot one important thing: making a will. He thought he had plenty of time to sort...
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...
Have you ever wondered what happens to your assets and property after you pass away especially when it is intestate? In this article, we will delve into the complexities of joint bank accounts, explore recent cases, and discuss the importance of estate planning in ensuring your assets are distributed according to your wishes. Case...
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