Question:
Hi, I’m divorced and living in my condominium in Puchong with my 3-year-old child. I work in Singapore and travel back to Malaysia twice a month. My sister takes care of my child while I’m away, as my ex-husband does not provide any care.
If I pass away, how can I provide for my child’s living expenses until he turns 25? I also want to leave my condominium to him when he turns 25. Can I buy a life insurance policy with a sum assured of RM2 million and nominate my child as the beneficiary to fund his monthly maintenance?
Answer:
It is simple and straightforward. You may write a will to bequeath your property to your child. If you have already written a will with your ex-husband as the beneficiary, you must write a new one, as a divorce does not invalidate a will. However, your child may inherit your assets once he turns 18, which is the legal age for inheritance in Malaysia.
Since your child has just finished secondary school, he may lack the knowledge and experience needed to manage assets like real estate, business shares, or large sums of money.
Therefore, including a testamentary trust in your estate plan would be beneficial to ensure your assets are managed according to your wishes.
A testamentary trust is a type of trust outlined in a will that comes into effect upon the testator’s (the person who writes the will) death. This trust allows you to control how your assets are managed. For instance, you can include a clause that provides RM2,000 per month for your child’s living expenses until he turns 25. Additionally, you can designate funds specifically for his tertiary education.
What if I do not want my ex-husband to be the guardian of my child?
You cannot remove your ex-husband as the legal guardian of your child. However, you can name your sister to act alongside your ex-husband as a joint guardian, ensuring that your ex-husband cannot use the money at his discretion.
You can also name your sister as the guardian in the trust and allocate a lump sum as a guardian allowance for her until your child reaches the age of 21.
Having a testamentary trust in place gives you peace of mind, knowing that your property will be passed on to your child when he is more mature, thereby reducing the risk of mismanagement of the estate.
Should I nominate my child in the life insurance policy?
When it comes to your life insurance policy, nominating your child as the beneficiary means it will be treated as part of a trust nominee. However, if your child is under 18 when you pass away, your ex-husband may receive the sum assured as the legal guardian. He could use the money at his discretion, which might not align with your intentions for purchasing the policy. If you prefer that your ex-husband does not receive and manage the RM2 million on behalf of your child, it’s advisable to remove the nomination and let it fall under testamentary trust. This way, the insurance funds will become part of your estate and can be used to create a trust fund.
Alternatively, if you still have debts, you could purchase an additional life insurance policy and nominate your sister as the beneficiary to settle those debts in the event of your passing. However, keep in mind that your sister would act as the executor of the funds. This means she would need to use the policy money to pay off all debts and expenses before distributing any remaining funds according to your estate plan.
You may make an appointment with our legal advisor here:
https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
从保险到信托：单亲妈妈的财富保障计划
问题：
你好，我离婚了，带着 3 岁的孩子住在Puchong的公寓里。我在新加坡工作，每月回马来西亚两次。由于我的前夫是没有照顾孩子的，所以我不在的时候由我的姐姐照顾我的孩子。
如果我不幸离世，我应该如何确保孩子在25 岁之前能继续有生活费用？我还想在他 25 岁时把我的公寓留给他。我是否可以购买一份200 万令吉的人寿保险，并指定我的孩子为受益人，以支付他每月的生活费？
回答：
你可以写一份遗嘱，将你的财产遗留给你的孩子。如果你之前的遗嘱是把财产留给前夫的，那么你必须写一份新的遗嘱，因为离婚并不会使遗嘱无效。不过，你的孩子会在18岁时继承你的财产，因为18岁是马来西亚的法定继承年龄。
你的孩子刚刚完成中学学业，他们可能缺乏管理房地产、商业股份或大笔资金等资产所需的知识和经验。
因此，你可以在遗嘱中设立遗嘱信托来按照你的意愿进行管理。
遗嘱信托是一种在遗嘱中规定的信托，只有在遗嘱人（立遗嘱的人）去世后生效。这种信托允许你决定如何管理你的资产。例如，你可以在遗嘱信托中加入一项条款，规定每月提供2000令吉作为孩子的生活费，直到他25岁。你还可以为孩子的高等教育指定一笔费用。
如果我不想让我前夫成为孩子的监护人怎么办？
你不能取消你前夫作为孩子的法定监护人的资格。不过，你可以指定你的姐姐与前夫共同担任监护人，确保前夫无法随意使用这些财产。
你还可以在信托中指定你的姐姐为监护人，并为她设立一笔监护津贴直到你的孩子年满二十一岁。
通过设立遗嘱信托，你可以放心地知道你的财产将在孩子更成熟时留给他，从而减少遗产被管理不善的风险。
我应该在保险单上把孩子列为受益人吗？
至于寿险，如果你将孩子指定为受益人，这将形成一个信托受益人。如果你去世时孩子未满18岁，你的前夫可能会作为法定监护人收到保额。他可以随意使用这笔钱，而这可能与你购买寿险的初衷不符。如果你不希望前夫代表你的孩子收到并管理这笔200万令吉的保险金，建议你取消保险单上的受益人提名，让保险金成为你遗产的一部分，形成信托基金。
另外，如果你仍然有债务，你可以再购买一份寿险，并指定你的姐姐来偿还所有债务。然而，请记住，你的姐姐将作为保险金的执行人，这意味着她需要先用保险金偿还所有债务和费用，然后再根据你的遗产计划分配剩余的保险金。
