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Shining star
post Apr 4 2022, 12:51 PM

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QUOTE(il0ve51 @ Apr 4 2022, 11:54 AM)
Q2. Not sure if you know there are offshore company (receiving non RM) within Malaysia. hehe. Basically there a lot happening within Malaysia, just elite can take advantage. If the company within Malaysia then everything in the trust are regulated in Malaysia and under Malaysia Acts. So basically BNM are well noted when you are transferring the fund.

Dont make it more complicated by thinking offshore means oversea. hehe. Once you fully understand what is a trust then you most likely will not even questioning global transparency, OECD and any of above concern.
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Offshore word is broad...
There are few kind of Offshore...
Example: Those Banks operated in Labuan also can claimed they are offshore bank.
But they are subjected to the governed by Malaysia laws.

What i mentioned offshore Trust company are those really operated overseas.
They just hire some agent (especially existing Insurance broker) to help them.
But this raise Jurisdiction, risk and potential compliance issue as i studied from the internet experience, pls judge by your self.
A) Jurisdiction:
If you die, how to ensure the trustee to execute the trust? what kind of laws would be applied?
If their license not approved by Malaysia, in case of problem and dispute, how or where you can talk to?

B) Risk:
These offshore trust company may ask you to bank in certain account and said you are full control of it.
But the account holder name is not you, how to ensure you own these asset?
If let said to registered a foreign bank account, why don't choose HSBC, SCB, OCBC, Citibank and etc.
They can signed a contract with you. but the issue is if the company bankrupt and seized by local regulator, who will responsible your loss.?

C) Compliance:
If you sent big lump some of money to overseas, as said BNM will check.
Even in future you receive the lump sum of money from overseas, LHDN also will check
LHDN has applied stricter rules to check foreign source of income.
If they apply AMLA (AML/CFT) l to audit you and your next kin, then thing getting more excited and complicated.
How you earn the money, did you pay tax, why transfer money overseas then transfer back ???

So summary, better to get a license trust company locally.

This post has been edited by Shining star: Apr 4 2022, 12:52 PM
CSW1990
post Apr 10 2022, 07:21 PM

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If I had put person “A” as my nominee for EPF in few years ago, but now in my will I put person “B” as nominee for my epf. Who will get my epf money after my death?
Same to SSPN, ASNB, PRS etc. Can I one time nominate in Will writing for all these? Or need go their branch one by one to put nominee..?

This post has been edited by CSW1990: Apr 10 2022, 07:22 PM
MUM
post Apr 10 2022, 07:37 PM

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QUOTE(CSW1990 @ Apr 10 2022, 07:21 PM)
If I had put person “A” as my nominee for EPF in few years ago, but now in my will I put person “B” as nominee for my epf. Who will get my epf money after my death?
Same to SSPN, ASNB, PRS etc. Can I one time nominate in Will writing for all these? Or need go their branch one by one to put nominee..?
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Googled n found this...
As for EPF, the proviso in Regulation 7(2) if the Employees Provident Fund Regulations 2001 states that a nomination cannot be revoked by any Will or by any other act, event or means. Therefore, your EPF will be distributed in accordance to the nomination(s) you have made upon registering for the EPF.
https://thywillbedone.com.my/home_faq/home_...o%20your%20Will.
CSW1990
post Apr 11 2022, 02:17 PM

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QUOTE(MUM @ Apr 10 2022, 07:37 PM)
Googled n found this...
As for EPF, the proviso in Regulation 7(2) if the Employees Provident Fund Regulations 2001 states that a nomination cannot be revoked by any Will or by any other act, event or means. Therefore, your EPF will be distributed in accordance to the nomination(s) you have made upon registering for the EPF.
https://thywillbedone.com.my/home_faq/home_...o%20your%20Will.
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Noted, so epf nomination can not be revoked by Will.
I think this is same to SSPN, ASNB right?
PRS, unit trust , stock etc > follow and can be revoked by Will.
Is it correct?
MUM
post Apr 11 2022, 03:00 PM

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QUOTE(CSW1990 @ Apr 11 2022, 02:17 PM)
Noted, so epf nomination can not be revoked by Will.
I think this is same to SSPN, ASNB right?
PRS, unit trust , stock etc > follow and can be revoked by Will.
Is it correct?
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prs, unit trust, stock trading a/c... Can do nomination?
For others investment products like sspn, ansb, etc.... Where if they allows nominations to be made,... You need to read the stated terms or check with them to ensure genuine latest n still valid info... For if later cannot claim through will process, then you will know who "lied".
Ewa Wa
post Nov 8 2022, 12:12 PM

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QUOTE(CSW1990 @ Apr 11 2022, 02:17 PM)
Noted, so epf nomination can not be revoked by Will.
I think this is same to SSPN, ASNB right?
PRS, unit trust , stock etc > follow and can be revoked by Will.
Is it correct?
*
1. EPF & PRS can make nomination.

2. SSPN without children then can make nomination. If u have children then auto to children.

3. ASNB is Trust Declaration and no nominee for non Muslim. For information: https://www.rockwills.info/trust-declaratio...m-unit-holders/

Above 1-3 is supersede the will beneficiaries. They will follow the name in the nomination / declaration of trust. You still can make them in Will provided the above nomination fails due to nominee passed away etc..


Unit trust & stock & Bank account u cant make nomination. So you need to name the benefiacies in the Will.
Ewa Wa
post Nov 8 2022, 01:40 PM

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QUOTE(penang23 @ Mar 29 2022, 02:22 PM)
New in will writing, some questions to ask ~

W.
My only immediate family members right now = Mother and Brother
I am single.

Question1:
My mother cannot manage money well (gambling), my brother is always jobless and spend money like crazy...

Can assign an Executor(my good/close friend) to manage my assets($money & house)?
e.g provide $$ to my mother monthly if I die..

Question2:
If one day my mother pass away, Can i assign all my assets ($money & house) to my close friends if
I am still single? I do not wish to give to my brother.
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Based on ur currect Status as single. Your lawful beneficiary is only your MOTHER according to the distribution act if w/o a Will written.

Q1: You can do so by assigning an Executor. But this executor must be trust worthy and wont run away all ur money. I'm strongly suggest you appoint the company trustee to do this job.

Reason:
what if your good friend passed away b4 ur mother? Then ur assets will be very very messy shakehead.gif

Q2:
Is up to u to give to any one you like as long as the instruction is clear in the will.






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