Joint Bank Accounts: What Happens If One of The Account Holders Dies?

Most joint account holders assume that upon death of a joint account holder, the surviving joint account holder will be the owner of the monies in the joint account. Is this true? First, let us explore some of the basic features of a joint bank account. Transactions for joint accounts can be done by both (or all, if there are more than 2) joint account holders, where it is termed as “both to sign”; or…

"Joint Bank Accounts: What Happens If One of The Account Holders Dies?"

What Is Rockwills Franchise?

Rockwills Crorporation Sdn Bhd (Company Reg. No. 274516-K) was established in 1995, is a household name in providing estate planning services in Malaysia specialized in Will and Private Trust. Rockwills runs on a franchise format and Rockwills’ franchise licence is opened to all Malaysian who are interested in pursuing business in estate planning under the brand of Rockwills. Each Rockwills franchise licence is for a period of five years. It is renewable as long as…

"What Is Rockwills Franchise?"

What Is Commorientes Clause? Do You Need It?

When a beneficiary dies before the testator even for one second, it is clear that he/she will not be entitled to receive the inheritance. The next surviving substitute beneficiary will inherit as shown in the diagram. This is easily determined by referring to the time of death of the beneficiary against the time of death of the testator. There are a few unique situations: The testator and a younger beneficiary died at the same time…

"What Is Commorientes Clause? Do You Need It?"

What Is Estate Planning?

Believe it or not, you have an estate. In fact, nearly everyone does. Your estate is comprised of everything you own— your car, home, other real estate, checking and savings accounts, investments, life insurance, furniture, personal possessions. No matter how large or how modest, everyone has an estate and something in common—you can’t take it with you when you die. When that happens—and it is a “when” and not an “if”—you probably want to control…

"What Is Estate Planning?"

Why pay more now when you can save through a will

The Stamp Duty for inheritance via Will or Distribution Act 1958/Intestate Succession Ordinance 1960 or Faraid is only at nominal value of RM10.00 per transfer. There will be no RPGT payable for inheritance via Will or Distribution Act 1958/Intestate Succession Ordinance 1960 or Faraid because it is treated as if there is no sale, no gain.

"Why pay more now when you can save through a will"

Till Tax Do Us Part!

IRB says it can collect outstanding taxes even after death Published 28 Jul 2017, 8:06 pm | Updated 29 Jul 2017, 1:04 am The Inland Revenue Board (IRB) says it is legally empowered to collect outstanding taxes even after someone has died. “IRB is empowered in accordance with Section 74 and Section 106 of the Income Tax Act 1967 to claim a deceased’s outstanding tax from the rightful next-of-kin. “If the next-of-kin is not able…

"Till Tax Do Us Part!"

Declaration Of Trust

Our UDeclare is a Declaration of Trust that is simple, flexible and powerful providing for your loved ones and securing their financial well-being. Under UDeclare, a trust is set up by you as trustee with Rockwills Trustee as your back up trustee. This prevents any delay in allowing your beneficiaries to enjoy the trust assets. In our UDeclare, you need not transfer the assets yet, until any of the following events (as determined by you)…

"Declaration Of Trust"

Business Value Protection Trust

I NEED TO FIND AN EXIT FOR MY SHARES WHEN A AM NOT AROUND A well-constructed plan is essential to protect the value of the business and provide cash for the family in the event there is a major disruption in the business due to a co-owner’s death, disability, retirement or serious major illness or any other event that jeopardizes the continuity of the business. Ask yourself:- If a co-owner dies today, can you work…

"Business Value Protection Trust"