Why Pay More Now?

Are you aware of our latest Real Property Gain Tax (RPGT rate on 2019) and Stamp Duty charged on property name transfer?
How much you will need to pay for both RPGT and Stamp Duty whenever you want to transfer property to your loved one during the lifetime?

Let's take a look at the RPGT rate table below:

Nominating Minors for EPF

Is this a good idea? 

This article is copied from LegalWillsMalaysia.com due to all info sent from them are so useful, I do not quote any single part. 

Many EPF contributors especially those with children, nominate their EPF money in this manner. They usually give a larger portion to the spouse (eg 60% to 80%), and the remainder goes to their children equally. This is not an issue if all your children are above the age of 18 years old.

On the other hand, if any your children is below the age of 18, then it can be an issue. For any child below the age of 18, they have to wait until they are 18 year old. Their share of the money will be held by the public trustee. 

If you have prepared well financially i.e. sufficient insurance money to cover house loans, car loans, living expenses etc, then the portion of money is usually not that crucial. The funds becomes quite crucial if your family is not that well off and your children need the money. Do not forget that when one person dies, a dual income family, becomes a single income family, and a single income family may be a no income family.

It becomes a big problem if you and your spouse dies together. Since both spouses nominated each other, a large portion of that money is stuck until your children either get  a Grant of Probate (if you have written a Will) or the Letter of Administration (if you did not write a Will). Your children will not be able to access that money you nominated your spouse to get for quite a while. Applying for a Grant of Probate can take anything from 6 to 9 months. Getting the Letter of Administration is even longer because the need for sureties and appointing a suitable administrator.

It is better not to include children below the age of 18 in your EPF nomination. You can name your children as back up beneficiary in your Will, in the event your spouse dies as the same time. That way, the executor and trustee of your Will, can access all the EPF funds once the Grant of Probate is out, and your children get to use the money.

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Source: LegalWillsMalaysia.com

Property Management After Death

The following info is extracted from "Property Management After Death in Malaysia". I copy and paste in here in case this link broken some day later. Besides, this is copy directly from the source page as the whole passage is SO SO SO IMPORTANT and nothing can be left alone.

The majority of us, in regards to property, have a general understanding of purchasing, selling, and renting our properties. But what about managing property that was left behind by the deceased? What happens to it? The general consensus is that it goes to the next of kin or appointed successor.

The ease of the testamentary transfer, the process of managing property(s) of a deceased person, is decided on whether a Will was left behind by the person. If no Will was left behind, the property(s) would be administered to his/her next-of-kin, in compliance to Section 6 of the Distribution Act of 1958.

However, with a Will, there may be a clearer choice of distribution of the property(s), whereby certain properties are specifically administered to certain beneficiaries of the Will.

悲！子女分产后，失智母成人球

看到这个题目，你会说我“又来吓人啦！”

话说回来，这样的情形，似乎在电视、电影都看过吧。有些身边甚至有真人真事tim!

Can we disown a child in Malaysia?

Question:
My brother has gambling problems and has borrowed a lot of money from my father in many occasions.

Recently, they went into an argument which resulted in my father publishing in the newspaper to disown him.

According to your previous publication, if a person passes away without a Will, his children will be able to inherit.

So in this case, is my brother still considered a child of my father and therefore eligible to be one of the heirs even after such publication in the newspaper?

Rockwills Answer:

数字资产纳入遗嘱的重要性

对于电子资产，你了解多少呢？
我们的社会正趋向0现金时代
很多东西可以通过网络买卖、电子交易、线上付款等等。

除了涉及金钱的电子户口/电子钱包，
还有哪些电子物件是金钱无法衡量的呢？
相信你我都有这些珍贵的宝贝。

你也许会想，虾米？这样也要规划啊？
这完全因人而异。
先来听听更多关于电子遗产的内容吧。
（此片段载自乐委培训&业务发展部总经理陈美茵接受ai fm专访视频）

完整视频点击：数字资产纳入遗嘱的重要性

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资料来源：数字资产纳入遗嘱的重要性

A Q&A that many woman concern about

Question: 
My husband and I bought our house jointly and we are staying together with our children.

However, my husband also have children from his previous marriage.

If anything happens to him, will the children from his first marriage have a share in our house with my children?

Rockwills Answer: 

Can Digital Assets be inherited by your love one ???

'According to Forbes magazine, Mellon was worth an estimated $1 billion ($1.38b) because of an extraordinary gamble in Ripple cryptocurrency –money similar to Bitcoin which exists only in the digital world. He turned an initial $2 million investment into an online fortune.

He "cashed out" $350 million of his investment on January 3 – just six days before the value of Ripple plunged by 80 per cent. The market has since rallied, meaning his remaining investment is currently worth about a quarter of a billion dollars – and rising. But a disturbing question remains about where the money is.’

The above is an example on poor digital assets planning where his family members are not able to find the passwords to access his cryptocurrency investment that worth billion.