A Will and A Declaration of Trust

A Declaration of Trust is an estate planning tool that compliments a Will, the owner of the assets (Settlor) will create a trust deed by declaring that he declares himself as a Main Trustee and appoint a Trust Corporation as Substitute Trustee and holding the trust assets for himself and/or any others beneficiaries named in the trust deed. A power of attorney (POA) is given to a Trustee Corporation, and this POA will enable the…

"A Will and A Declaration of Trust"

Leading Your Client With Special Needs Children to Set Up a Trust

Every child is special, but a child with special needs requires more attention. If your clients have a child with special needs, extra care is required when you discuss their estate plans. *source: https://www.outpourtunities.org/ Clients with special needs child often face the following estate planning challenges: Will the assets be readily accessible to the special needs child in the event the parents are incapacitated? How to ensure that the inheritance will be used for the…

"Leading Your Client With Special Needs Children to Set Up a Trust"

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!"