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?

What's the meaning behind char siew here?

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.

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

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.

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.