oh, the earlier comment was generic...

you are right... for a almost 80 years old chap, why is he still holding on to all his assets? should he not distribute a bunch that he knows he doesn't need (assuming he is savvy) and he gets the benefit of knowing who really loves him after that... finding out when he is alive.

keeping assets overseas involves more headache to the executor... For SG, i was told by rockwill (this info was like 10 years ago when I engaged them to write a simple will for myself) that SG court will honor the will written here (in fact most commonwealth countries will as we all uses English law as base law)... but the process is mah fan...
but heck, if one have 10 million RM in SG, I am sure one's bene will head to SG and kau tim the will with some lawyer's help. treat it like a vacation somemore... haha.

(rockwill told me USA and UK and Aus also will accept our will, just extra work).

That is the impression I got last time. Have to go through the host country's court system, etc. Rockwill did say that they provide the service to be executor for some fees. Don't know the details through. I only plan to find out more when older, like after 55 years old...

This post has been edited by Wedchar2912: Sep 21 2023, 08:05 PM

that's why I mentioned when one reach a old ripe age, it is time to consider gifting away a large portion of one's wealth or at least the amount not needed.

alternatively, can set up a trust/company to contain all of one's asset if one is rich.... but I think this route is for those with like 50 million and above.

but the management fees for the trust is also a few % pa.

and the trust is taxed like a company, not like an individual (ie div and interest unless specially managed, will be taxed)

But yeah, if have 50 million, its good problem to have. haha.

understand what you mean, but I don't know which parliament act or law that excluded EPF and life insurance payout upon death to be excluded from the Will/probate process.
btw, in case people don't realize, life insurance payout also follows whom you nominate and has nothing to do with one's will.

(it is a known secret used by the rich to push money around to their other family members so that the primary wife cannot touch. hehehe)

cannot help it... like all official activities in life.

The lawyers are there cos they know the process and the in and out of how to get things done/approved. (similar to house buying, or what I call high class runner for car registration).

High court judge/magistrate part cannot skip. need them (changes are is just their office clerk) to stamp.

Bene.... they are not wasting their time... they are working to get windfall funds

born rich.... how I lost that lottery... haha. never had any chance at all.

don;'t know why the super rich don't pass like half of their wealth to their next gen... but die die also hold on to the full wealth until death. Then again, they deploy holding company and trust for their estate management.

haha... good one....

and I am now the siew yoke taking care of my parent. myself... haha

haha....

all i meant is one of the ways to get rich is by being born rich.... and that is basically lottery...
I think being born into the top 1000 families out of 8 or 9 million families in Malaysia would be considered being born rich.

I happily support my parent regardless of karma or inheritance . It is my duty and responsibility....

This post has been edited by Wedchar2912: Sep 22 2023, 06:15 PM

you and I and many will be happier if EPF is given the freedom to do what is best...

problem is our gov don't want to increase OPR.... so how else to support our ringgit? one way is this I guess. 7% means 70 billion ringgit... not huge, but not small either this flow back into Malaysia. somemore can "advise" EPF to subscribe mgs or buy this or that...

eitherway, 7% is not big nor small on a portfolio basis. Won't kill us or make us so much richer. It is like what many of us individually would spend when we wanted to get a car using cash only when we were younger. wait 1.1 years and that amount is back again.

such is life... why should property flippers and those who overstretched their loan payment ability be spared?

should pity the citizens who are holding ringgit and getting squeezed by imported inflation.

Imagine if OPR is up to 6% and USDMYR is at 3.0000 (wishful thinking, I know)... but at least imported goods be like 30% cheaper. or keep cash in FD also can earn 6.x% pa. yum yum.

low interest rate environment, while may be beneficial to the economy in the short term, in the long run distorts efficient capital allocation, create inefficient economic activities like cheap loans and property development when there isn't enough demand for such, and allows mushrooming of zoombie like firms.

how does low interest rate environment been doing for us for the past 10s of years?

I guess it depends on how overstretch is one's loan limit.

last time 10% interest rate, but loan disbursement for properties is like 30 to 50% downpayment (according to my dad).

but I really don't understand why people think 3% OPR is fair... but expect one's investment to return like 10%... and complain FD and EPF is only 4 to 6%.

just a internal check.... 3% OPR rate because CPI is 2%....

so are you happy with FD being in 4% and you think FD rate is really giving you real rate of return for your funds of 2%?

fair....

btw, 2% inflation means things double in price in 36 years.... what I know is almost nothing back in 1987 is double in price now..... chicken rice (almost all ingredients are controlled price items) back in 1987 is like 1 rm only. Today 2rm maybe can get the rice only...

Then OPR the lower the better for you then. borrowings in MYR and investment overseas... nice.

Looks like imply too much money chasing too little investment opportunities.easy way out is reserve certain assets for certain portfolio. Hmmmm.

hahaha... you know... I know... most of us here know...

Don't worry lar... that will never happen.... unless the gov wants to kill off bursa immediately....

EPF holds too many banking stocks and banking bonds....
and technically EPF also need to dump all of MGS (govies).

any faster way to kill Malaysia is to implement GST at 12%.

haha

It is a one way trip... ie you can only switch once from conventional to shariah... once switched, cannot go back to conventional.