Interesting discussion. If I have the means I would ideally like to leave a bungalow lot in prime area each for my children so they can construct whatever they fancy when they reach a point in their life that they can afford it (fingers crossed their father doesn’t need to build the houses for them!)

Another interesting story: I know a well to do couple, husband was our AG and wife is daughter of a Tan Sri (inherited quite a bit when father passed so wealth isn’t solely from husband being AG). They own many prime properties in Damansara Heights, live in Uthant. In the last 10 years they sold everything they own except for the house they stay in. They said pass cash better and let the children decide what to do. Sayang because the houses they sold weren’t just average houses they were choice properties.

Generally, Malays like to pass siap2 before they see God to prevent squabbles over the properties.

My late grandfather had 9 children from 3 different wives. His properties were held in companies created to own the individual properties. When he passed each child gets share in the company that holds the property assigned to the child. Muslims have limitation to assign only 1/3 of total assets at own discretion. The rest have to follow Faraid.

what I dont like about faraid is abit unfair. Because the mother has the right to certain % of the wealth. Some cases the mother is already very old and the son but son die first. You see as an example the late JJ's mother claiming faraid for his wealth. Who do you think is behind all the claiming. Sometimes i do feel that the other siblings which do not have the right to the wealth of their brother is doing all this stuffs. Asking the mother to claim faraid. Which eventually when the mother passes, they will inherit the wealth. I do not know how faraid fully works. But it is not good if this claiming stuffs will tear the family apart when lets say the father bought each one of their children a house with joint name, so when the father passes, if the grandmother claim faraid, from what i have read before, if he dont want to sell the property and split the money, he have to pay the % of the father's portion to the grandmother.

You have merit in your argument. I’m with you thinking the same in the case of JJ’s estate I think her children from the other marriage want a convenient way to get a slice of the pie using the loophole. Quite unfortunately being Muslims it takes precedence over other methods of dividing the wealth.

To circumvent the system have to assign (and transfer) to the heirs before passing.

memang RICH PEOPLE problem all these wealth inheritance.

I only got rm7.00 from my grandfather when he passed on, more like angpo token than assets or cash...…..

9 mths ok what....

you still need one year of grieving period rite????? takkan nak get whole of the wealth after coming back from crematorium????

Not a rich people problem, majority of middle classes do own a home and many of them have homes that are now worth RM1m or more.

You'd be surprised how it can be fought tooth and nail over.

Set up trust fund....

To me you dun have to.wait til yr last breathe b4 reassign yr wealth. Best to do before u passed.
This way whoever inherited yr wealth can appreciate you more, also you can see their character before even u passed.

If you are JUST normal Joe, lagi easy. Reassigned property b4 you pass. I already asked my father to change name of the properties under his name to my sisters. The car is bought by me so its under my name. The rest like bank acc, my sister does have the pin number.

So when my father passed, perhaps we will get rm7.00 angpo from ny father just like my grandfather.

Hi to all sifu..

Was wondering if we can set up a partnership company to manage and own the properties of my father?

Initially he plan to transfer his properties to all his children accordingly.
But now he worry that there might be disputes between his children as each property will have two names or more and he hopes the properties can be inherited to third generation.

These properties are all shoplots and houses and currently tenanted.
By transferring all these properties to a company and the major shares will be my mom, will this prevent any of the children of selling the properties without our consent?

Wat happens if your mum passes on??

Thought of that too.
Then the shares are equally shared among 3 of her children.
The purpose is just to prevent the properties being sold and if it does,
at least need the consent of another sibling.
Just wondering if anyone have experience in setting a company in handling
the properties they owned?

If i were one of the children i will advise my father to sell all the properties now, cash out n enjoy the rest of his life w my mum.

I'd suggest you go have a chat with your family solicitor and accountant on this matter.

These 2 persons would be in the best position to give you advice on succession and company matters. Such types of holding and trust arrangements isn't something that could be done without their input anyway.

Noted.
Will meet our accountant next month as they r busy with tax submission by this month.
Will share with u guys later.

Hmm.... does it mean the partnership company is a "trust company" to manage your father's properties?
It sound like that for me.
A trust company cannot be in a "partnership" form, it must be a "Berhad" and it need to get a license for it.

I suggest that your father can make a will and include a testamentary trust (appoint a trust company or individuals).
He can state whatever "hope" or "wishes" he wants inside his will, there is not hard rule to make a will.
He also can include a clause that restrain the executor / trustee / beneficiary to sell the property.