Knowledge you should grab

This blog is to help you gain more knowledge about estate planning and all-you-should-know when having your estate planned.
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The Importance of Updating Your Will

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...

Does the entire EPF nomination become void if one of the beneficiaries predecease me?

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...

What is Surviving Clause (Commorientes Clause) in a Will?

A commorientes clause, as described in the Will, establishes that beneficiaries can only receive gifts if they survive the testator by a specified period, typically 30 days after the testator’s passing. This provision is particularly important in situations where both the testator and beneficiary pass away simultaneously, or when it’s impossible to determine the order...

Can Foreigners write a Will in Malaysia?

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...

Debunking Common Misconceptions About Estate Planning and Insurance

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...

Estate Planning for Different Stages in Life – Stage 2: The Sandwich Generation

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...