So even a will won't cut it?

That means all ASX will be government entity since A don't have will

U can specify ASx in yo private will

I don't understand?

Once someone die, all money inside ASX becomes government money if one does not have a will or bought ESTATE PLANNING INSTRUMENTS by ASNB (Hibah Amanah for Muslim) & (Trust Declaration for non-muslim). Your kids/wife/husband don't get a sen.

This post has been edited by Ramjade: Sep 18 2015, 11:19 PM

seriously

As far as I know that is what it meant. Same thing goes for any FD or SA not active for 7 years, it will go into the lost money. Very hard to claim it back. Have to make sure the money in the lost money is more worth it than your lawyer fees.

What happens if I die without a will?

If you die intestate:

1. Your assets will be distributed according to the formulas set out in the Distribution Act 1958, and not according to your wishes or the needs of your family members;
2. The court will appoint a trustee and executor to administer your estate, and this may give rise to disputes between family members or beneficiaries on who should be appointed;
3. The court will appoint a guardian for your minor children, and the person appointed may not be your preference;
4. The distribution process will take longer and cost more, ordinarily requiring a bond and the appointment of 2 sureties to guarantee the proper administration of the estate, as well as further court orders to effect the transfer of real property.


Who will inherit my assets under the Distribution Act 1958?

Section 6 of the Distribution Act 1958 sets out various scenarios for intestacy and provides a fixed formula for the distribution of the person’s assets. The following are some examples:

1. Leaving a spouse, issue and parents: spouse ¼ issue ½ parents ¼
2. Leaving a spouse and parents but no issue: spouse ½ parents ½
3. Leaving a spouse and issue but no parents: spouse ⅓ issue ⅔
4. Leaving issue and parents but no spouse: issue ⅔ parents ⅓
5. Leaving no spouse, issue or parents, then the following persons are entitled in accordance of priority: brothers and sisters; grandparents; uncles and aunts; great grandparents; great uncles and aunts; government.

http://www.mahwengkwai.com/wills-in-malays..._without_a_will

Is there any basis on your saying?

Please see http://www.asnb.com.my/v3_/asnbv2_3services_EN.php under Estate Claims. It is totally the opposite of what you are saying. Even if the deceased does not leave a will or died intestate, the person entitled under the deceased's estate may still apply for Letter of Administration from High Court to claim for the units in ASX.

Please do not mislead others if you are uncertain of the issue.

This post has been edited by Ah SiAnG: Sep 19 2015, 12:17 AM

Ok. Sorry about my mistake, If that is the case, so a will will be accepted?

If you have a will drawn-up by Amanahraya Bhd (ARB), you can specify in the will if you want to transfer the units to your beneficiary, or to transfer cash out and transfer the money to your bene.

If you selected transfer of units to your bene, only the units will be transferred, but the dividend earned during the process will be given out to the bene in the form of money.

If no will or any bene documents, then need to follow the Distributuin Act.

if you buy under your children's names, once they reach 18y it's automatically belong to them right? so no need WILL also the children can have direct access to their ASX right?

Yes. A will is accepted. If the deceased died without leaving a will, it will be distributed according to Distribution Act (letrer of administration) or Small Estate Distribution Act (for estate not exceeding RM2 million).

This post has been edited by Ah SiAnG: Sep 19 2015, 09:36 AM

Yes

Did anyone sign up Pengisytiharan Amanah with ASNB so far n wat is the fees?

rM55 , but I dunno how they calculate either is one time fees or per cycle.

will while waiting to reach 18 years of age, they "maybe" short of cash for other things?

Wat u mean by per cycle?

http://www.asnb.com.my/v3_/asnbv2_3service...sytiharanamanah

http://www.asnb.com.my/pdf/perkhidmatan/fa...gisytiharan.pdf

what?