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...
Are your digital assets inheritable by your next-of-kin? Lets start by defining what are digital assets and how is it different compared to physical assets. Digital Assets basically are your cryptocurrency, NFTS, instagram, twitter or facebook accounts and so on. However, digital assets are not the same as your physical assets as all you need...
In Malaysia, the rules of intestacy (when someone dies without a will) generally do not consider a spouse’s fidelity or personal behavior as a factor in determining their right to inherit. Instead, inheritance laws often focus on factors like marital status, kinship, or the presence of a valid Will. It’s important to emphasize that this...
In the realm of estate planning, ensuring the well-being and financial security of your loved ones is paramount. For parents with minor children, this responsibility becomes even more crucial. One effective tool in safeguarding the future of your children is the establishment of a testamentary trust. This legal arrangement offers numerous benefits that can help...
Not everyone experiences just one marriage in their lifetime; some may enter into multiple marriages for various reason like divorce, the passing of a spouse, or personal choices. Incorporating your new spouse into your estate-planning can be a complex matter, especially when children from previous marriages are in the equation. Understanding the significant consideration surrounding...
In the event of an individual’s passing with a Will in place, the procedure entails seeking a Grant of Probate. However, if a legally valid Will is absent, the course of action shifts to obtaining a Letter of Administration, a more intricate process in contrast to the Grant of Probate. The timeframes for applying for...
It is customary for many elderly individuals to avoid creating a Will due to considering it a taboo. Nevertheless, opting not to draft a Will could potentially create more difficulties for your family members rather than being of assistance to them. Let’s have a general run through on how Wills work. When your parents pass...
The Role of Insurance Funding The significance of insurance in estate planning often goes overlooked by many people. Although some have a basic understanding of its role, it is essential to fully comprehend its importance. If you are unfamiliar with the role of insurance in estate planning, let us be your guide. The role of...
There are a few things to look out for when preparing your own Will. These are the few main common mistakes that people make when writing a Will. 1. The Distribution Method Naturally, if you do not write a Will, the Malaysian government will distribute your assets according to the Distribution Act 1958 which are...
It is not a common thing to include your mistress in your Will especially in Malaysia. However, it’s undeniable that some individuals engage in extramarital relationships. It must be noted that in Malaysia, these third parties such as mistresses or concubines or sugar baby dont have legal rights to your assets. Those rights belongs to...
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