Outline ·
[ Standard ] ·
Linear+
Passing on your property to the next gen.
|
chesterst
|
 Mar 21 2019, 09:19 AM
|
Getting Started
|
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.
|
|
|
|
|
|
chesterst
|
Mar 21 2019, 09:56 AM
|
Getting Started
|
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.
|
|
|
|
|
|
chesterst
|
Mar 21 2019, 10:30 AM
|
Getting Started
|
QUOTE(naqib0307 @ Mar 21 2019, 10:11 AM) 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. |
|
|
|
|
Quote
0.1069sec
1.05
6 queries
GZIP Disabled