• Wills & Wasiat

Did you know?

  • all of your asset become frozen upon demise, this includes assets held jointly
  • the length of obtaining the Grant of Probate can take from 1 year up to 10 years
  • a Muslim spouse is entitled to claim up to 50% due to 'Harta sepencarian' upon divorce
  • a Wife is entitled to only 12.5% of her husband’s assets upon his demise
  • if you do not have a son, the bulk of your assets may go to your brothers and sisters
  • your ex-spouse is automatically the natural guardian of your young children

 

Consequences of not having a Will or Wasiat…

  • assets will be frozen for a longer period
  • the Administrator will have to find 2 sureties to act as guarantors for the Administrator
  • for a non-Muslim, manner of distribution will be according to the Distribution Act 1958, this follows for even accounts in joint names
  • if there are no natural parents, any person is entitled to apply as the Guardian of your young Children to the High Court

 

The facts above are usually not brought to our attention until it is too late, that is when we have to learn it the hard way. When faced with the question on wealth distribution, some usually avoid the question as they feel they do not have enough assets to distribute, or the manner of distribution is very simple and straightforward.

Regardless of whether you have accumulated a vast amount of property and assets or you consider yourself in possession of average wealth, everyone will require some form of trustee services to ensure protection and smooth distribution of their wealth. Trust arrangements vary across different individuals, ranging from a highly flexible financial plan or a confidential instrument that provides for specified beneficiaries during and after your lifetime.

CIMB Trustees Services with well trained personnel, provides strategies to help you protect and preserve your wealth across generation

Below is a suggestion table catered for different circumstances. This is not a fixed formula as different people require different services.

Different situations requiring more than 1 type of services Wasiat & Professional Estate Administration Hibah Harta Trust
Simple family structure with a Son
Family with young children
Family with only daughters and no Son
Equal distribution to Beneficiaries (Spouse and Children)
Avoiding freezing of assets and probate process
Family with disabled child
Complicated family structure
Family-owned business
Preventing assets from failing into unintended parties
Preventing family members as well as public from knowing the size of your wealth and also manner of distribution
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