Not always a nice topic to talk about.

Have you thought about how you would pass on your real property or in some of you lucky ones properties to your next generation?

What criteria would you use and if you have more than 1 child how would it be divided up?

When would you pass it on?

Most people choose to buy more expensive new launch rather than cheaper older (e.g 10+ years) subsale and you expect your children to like old condo?

Better just sponsor them the deposit when they are ready to buy lah.....

If your kid is char siew then just spend yr deposit in 1st keras fly around the world.

This post has been edited by BEANCOUNTER: Mar 20 2019, 04:19 PM

What's the meaning behind char siew here?

if (and it's high probability) i go before wifey, pass all to her. how she manages the split is not my problem.

if si beh unlucky that i live longer than her, sell all and split equally (kids will end up selling them anyway). as for when? no sure yet.

lol! char siew

I am more worried about who are going to get my watches! 🤔🤣
We have 2 girls and 1 boy. The likely scenario is I will go before wifey and thus all assets will go to her including properties. We have agreed that when she leaves later, everything will be 1/3 to each of them. Simple math and very democratic.

Let them sort out what to do with the shared properties when they inherit them. Knowing my kids I think it would be ok as wifey raises them right and they are not char siew 😂 will not likely fight over these things.

If you were as rich as my exboss, you buy two side by side bungalows in prime area for your two girls. But i told him in the end it is his son in laws that will be happy! 🤣

This post has been edited by blancpain4470: Mar 20 2019, 05:59 PM

Useless kid

Give more to the capable and responsible kid who can care for the siblings

make sure theyvhave a roof abovr their head,food to eat and all the basic stuff. other than that, they gotta work hard for it

let write a will 1st, split equally

https://www.rockwills.com

Yeap. Do not let them think that dada will take care of everything, and they will find their way in life. Bur be ready to stop them if they do something stupid, and give advice if they ask. Their inheritance should be something to compensate them for the loss of a loved one, not a windfall to look forward to, so that they can laze their 20s away

If you want to share equally np need to leave will.

Spouse will get 50%, rest of children share 50%.

I suppose if it is being passed on to you there would be a different tune no?

I don't know about you but I am moving into an older condo that my father just sold to me at half its market value as is my stepsister who took on a place at merely 1/3 its market value.

A horologist I see.

That ex-boss situation sounds quite similar to the owner of the agency that looks after the interest of the company I work for. The director purchased 2 bungalows back to back for his 2 daughters at Setia EcoPark and gave them each RM750k for ID works.

Don't think I could do the same as they'd probably kill each other.

Ahh ok, thanks.

no eh, if no will, it take longer time to claim for the asset.（approximate 9 month）

if got will, the cost to execution is cheaper + faster.

too bad it is in chinese
http://www.enanyang.my/news/20170313/预ç«...¶Šæ¸…楚越好/

I have not really thought on how I would pass on property.

My late grandparents had a very strange way of doing it.

Father's side, he gave each of his children 70% of his assets, mostly land, houses and cash, no one knew he had that much cash. The house he lived in he gave 1/3 share each to his 3 grandchildren. He also gave me his car a Morris Minor from 1952 and a watch by virtue of me being the eldest and the one that spent the most time with him.

Mother's side, he had a petrol station, 12 houses and 5 acres of land. He has 4 sons and 4 daughters. His wife told all the daughters in their custom only the sons can inherit the father's property so every single one of the properties went to the 4 sons. Oh yeah the 5 acres of land was the first to go, was a compulsory acquisition for road widening, no idea where the money went. The next was the petrol station which the 4 of them mismanaged, it was taken back by the oil company. By the 5th anniversary only 6 of the houses still remained in the hands of the person it was passed on to. On the 6th anniversary I bought over 1 of the houses from my uncle "on the cheap" as place was in bad shape and he had gambling debts to settle. I only took it over because it was where my late grandfather used to live. By the 10th year, only 1 of the original 12 houses was owned by the one who had inherited it and on the 12th year I helped my mother buy it off her eldest brother who was desperate for money from gambling debts, house was a total dumpster when I gave her the keys.

My father has different ideas when it comes to passing on property, he told my stepsister and me, he paid for us to have education and we can earn our own living, he said he will get rid of properties every year and we will have first option to purchase them off him at a discount on condition we don't sell it on for 7 years. I do hope to inherit his collection of classic cars though.

I have 2 kids, 1 is now 18 years old from my 1st marriage, I had not seen her since she was 3 years old up until recently. I told her a few days ago she is going to be getting a darn good kick in the arse unless I start seeing her do more than sitting on that arse of hers playing on the phone 99% of the time. Coincidence after that conversation she hasn't called me or come by to my house?

The 2nd is not yet a year old. I have decided at my age am too old for any more kids

As for how I'd divide it, anything I own together with my missus will go to my missus who will then pass it on to our daughter when she sees fit. Anything without her name on it 25% will go to my 1st kid and 75% will go to the 2nd.




This post has been edited by Bjorn1688: Mar 21 2019, 01:33 AM

Lol. Not a qualified horologist but do have a few that I am quite proud of 😂

This boss of mine has a daughter whom is a doctor now in UK. The younger one will be in UK too to study law. Both of them hardly need his bungalows and moneys. But such is life ... It is not fair at all ... 🙂

What Ive learnt from my grandmother and ppl around me.

She got 5 son and 1 daughter. So for each of her children will get a plot of land min 1/2 acres each at different places. She said it is easier this way than giving one plot of land lets say an acre sharing with 6 ppl because what happened to the 1 acre land beside our home.

Originally (next door land),
The Father own the land. Die, then split among the children. But that time, they havent sell it off yet. Then one of the children die. Then it split again for his part lets say originally he gets 1/4. The 1/4 splits to his children. Then what happen now is, this one acre of land is sharing with 11 names and one of them that I know is an old man that we dont know how long more he will still be here. It is hard to sell off. We have asked a few times from the owner to sell it to us for us to expand our home. Some ok, some not ok. Need consent from all of the names. Till now that plot of land just become hutan. If one of the children die, then same cycle will happen --> split among his children and make it more complicated to sell off.

The conclusion is, you decide to give which prop to which child. Easier. If money okay la can split %.

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.