fbpx

what happen to your property (2)

What Happen to Your Properties If you Die Now ?

We all have people we cared deeply. It can be ourselves, a unique person, family, or even for a specific purpose. The company we set up and businesses or career we built using our heart and sweat all these years. What happens to all your properties if you die now?

We all have people we cared deeply. It can be ourselves, a unique person, family, or even for a specific purpose. The company we set up and businesses or career we built using our heart and sweat all these years. What happens to all your properties if you die now?

It will be freezed!

So that no one can mess with them until the Court gives the Green Light.

How your properties go will depend much on how well you plan (ie. wrote a will) or leave it to the government to manage your property.

If you do not have a will, and to avoid stay hanging or left unmanaged, government created a law called Distribution Act 1958, to direct who get your property. The law clearly stated who is entitled and at what ratio.

For example, if you are married, parent still living and children. The following is how it will be shared:

Parent 1/4

Wife 1/4

Kids 1/2

Be prepared for the drama – Family Dispute

This is usually the beginning of many Family Dramas. If you have the opportunity to talk to a lawyer who does this area you will know how real, dreadful, and how it shaken up the whole family.

Especially if your spouse and the in-law are not in good relationship. Or your spouse and the kids are not in agreement over certain arrangements.

There are so much difficulty to agree on what needs to be done when everyone has a say in the property.

It is also worthy to note that not all family members are entitled. For example, non-married couples, step kids with no legal relation is not within the consideration of the Distribution Act 1958, i.e. they will get nothing.

Two Wealthier Guarantor needed

Even if you are ok with the Distribution Ratio most people don’t like this option. Here’s why :

Since property value are usually more than RM 50,000.00, the court will need 2 Guarantors to give a bond. The value of the bond needs to be the entire value of the deceased’s asset.

Also, if the Administrator of the estate runaway, guarantors need to payout from their own pocket the sum of money. It is a losing end game, no many people would like to take on such responsibility. Hence, it is difficult to achieve.

Take VERY long time to execute

Usually it takes at least 2 to 5 years. That is a very long time. Especially if you have dependent who rely solely on your contribution. They will be placed in hardship.

It need not be that difficult.

There are easier ways which cost less money and time. The ability to plan your estate and manage property tax is an important skill that can be learnt.

There are many things “will writers” tend to miss out on

Even if you have a will, it needs to be advised in the right way. There are so many written wills fail and cause disputes. It is not well structured and well thought of.

There are several factors need to be taken into account. We have the same concerns too. Therefore we invite Dr Choong Kwai Fatt to conduct the seminar on Property Tax and Succession , where he will provide proper, right and practical Tax Planning and Succession guidance in relation to the latest and most efficient structure for properties to be given out as gift after death. For more information about this seminar visit www.synergytas.com/propertytax2019/

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Related Posts

Industry 4.0: Not Just a Game Changer for Manufacturing

The dawn of Industry 4.0 has sparked revolutionary changes across manufacturing floors worldwide. But is the story of the Fourth Industrial Revolution solely written for the manufacturing sector? In this blog post, we dispel the myths and take a panoramic view of Industry 4.0’s influence beyond its traditional stronghold.

Why we say E-Invoicing Is Cornerstone of Industry 4.0​

 Transparency and Accuracy — The Need of the Hour The demand for real-time data is imperative for smart manufacturing. E-invoicing pioneers this demand, automating data exchange and drastically reducing errors that erstwhile haunted manual entries. For supply chain managers and business owners, such enhancements in transparency and accuracy mean better control over financials and an improved bottom line,

Stand United Against Racial Discrimination Today and Everyday

Inclusivity Isn’t Optional; It’s Essential Have we considered the richness that a diverse community brings to our lives? From the varied cultural experiences to the wide array of perspectives, inclusive communities pave the way for innovation and creativity. Yet, inclusivity cannot exist where racial discrimination persists. ***It’s a harsh reality, but it sets the agenda

Why Accountants Are Surprisingly In Love with E-Invoicing

Artificial Intelligence (AI) and automation are often viewed with a mix of curiosity and trepidation. There’s an ongoing debate, especially when it comes to professions steeped in tradition and expertise, like accountancy. One might assume accountants would be a bit hesitant about the move towards e-invoicing, fearing job redundancy. Yet, the reality is quite the opposite. Accountants are not just warming up to e-invoicing; they are outright championing it!

7 practical esg strategy especially for Malaysia Companies

7 ESG Strategies for Malaysia Companies: A Guide to Sustainable Success   In today’s rapidly transforming business landscape, environmental, social, and governance (ESG) strategies are more than noble commitments—they’re a necessity. What can organisations do to thrive and lead the way in sustainable practices? The answer lies in understanding how to effectively embed ESG considerations into a

E-Invoicing: why government insist on Implementing now

E-invoicing is a New Way of managing Invoices in Malaysia. Many are unaware why Malaysia is moving into E-Invoicing and let alone understand how it works. Therefore we created this article and Infographic for you, so that it will be easier for you to explain, share and help others understand “What it is Above”.  

e-invoicing : Why bother to jump in now

In a nation where tradition meets innovation, the ground beneath the business sector in Malaysia is shifting. The transition from paper to pixels in invoicing is not just a tech trend; it’s an overhaul redefining financial processes and efficiency.
For tax consultants, small businesses, and accounting professionals, this shift is more than just a modern convenience. It’s a sea change in reliability, transparency, and scalability.

einvoicing rising tide of change

E-Invoicing in Malaysia: Challenges Rising Tide of Transformation

With the official mandate by theTax Authority, beginning August 2024 for Phase 1 implementor (ie. businesses with revenue above RM 100 million), requiring companies to issue electronic invoices, this transition is not one to be taken lightly.I’ll help you understand proposed changes and potential challenges, including technical issues, managing change, and fraud and security in digital finance.

einvoicing

E-Invoicing in Malaysia: Where do you begin?

When the terrain of business processes rapidly changes to electronic systems, it’s crucial for decision-makers to stay ahead of the curve. A particularly pressing transition in the realm of digital finance is e-invoicing. But where does one start with e-invoicing in Malaysia, and what are the fundamental steps that need to be taken into serious consideration?

Scroll to Top