Case StudiesFunding & Debts CancellationWillFebruary 5, 2024by Finex & CoEstate Planning for Different Stages in Life – Stage 1: Young & Free

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 month.
  • Insurance Policies: Nominate parents as beneficiaries for insurance policies. Note that in Malaysia, for unmarried person, only parents can be trust nominee for insurance policies.
  • EPF (Employees Provident Fund): Nominate either parents or siblings as beneficiaries for the EPF account.
  • Will: Draft a basic Will to bequeath assets such as bank accounts and cars to chosen beneficiaries.
Estimated Costs
  • Medical Coverage: Estimated to be less than RM300 per month.
  • EPF & Insurance Nomination: Free
  • Will: Estimated to be less than RM1,000.
  • Will Custody: Estimated to be less than RM1,500 for a lifetime.
Additional Considerations
  • Legal Recognition: Parents as trust nominee under Schedule 10, Paragraph 5 of the Financial Services Act 2013 will receive the policy moneys as Beneficiaries. It means that the policy moneys will not form part of the policy holder’s estate and thus, NOT subjected to debts.
  • Flexibility in Will: To distribute assets according to the individual’s wishes.
  • Regular Review: Periodically review the financial protection plan to accommodate changes in circumstances such as marriage, increase in assets & liabilities etc.

This summary provides a clear and structured guide for someone new to the financial world in Malaysia, It covers essential aspects such as health coverage, nominations, Will creation and associated costs.

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