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 Inherit now or will?

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hanhanhan
post Dec 9 2024, 03:21 AM

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QUOTE(abhipraaya @ Dec 2 2024, 03:02 PM)
Is this confirmed? The information my lawyer told me is the opposite.  This year i consulted my lawyer who specializes in property law (who also drafted the will) and he suggested let the will do it as transferring now is more expensive. Now I'm confused.
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not much difference in costs tbh

if that property is the ONLY property ur mum has, then transferring it now is cheaper than will, because for the probate u literally dont need to do anything if your mum died with zero assets, or you have the account passwords for your mum's bank account and can transfer the money out urself.

if she totally has no other tangible assets u might not even need to go for probate (cost about 5-8k for the probate, and excluding any property transfer transactions after probate obtained)
Gabriel03
post Dec 31 2024, 06:03 PM

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if you and your siblings won't fight for the property after ur mum's deadth, can consider claiming the property under Pusaka kecil which limited to RM 2 million. There is an admin fee of 0.2% but it's DIY. No need to lawyers. Just fill up the form and get the required documents. If you don't know, can ask the officier at Pusaka Kecil Dept.
SUStakeshikitamura
post Jan 2 2025, 03:42 PM

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QUOTE(imtrobin @ Nov 28 2024, 09:22 AM)
Hi, my mum is over 70 now, and consider whether to transfer the property to children now or do a will? My siblings don't have Malaysian citizenship anymore, so I know there's are more steps and fees when doing a will to my sibling, so we are trying to minimizes the fees when inheriting.

2 properties under 1M each, we can transfer to either of us (3 siblings)

Is she able to transfer property now as inheritance? What are fees involved in doing transfer now vs executing will?
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Oh, if your mum wants to transfer the property now, she can transfer it directly to one of the siblings. But make sure she’s in good health and all the documents are in order. For the transfer, there’s usually a stamp duty involved, about 1% of the property value. So, if the property is worth RM1M, it would be around RM10k per property.

If you decide to do a will instead, it's more flexible, but since your siblings don’t have Malaysian citizenship, they’d need to go through additional legal steps in court, which can incur extra costs. There’s still stamp duty involved, but the process is longer and potentially more expensive.

If you're looking to minimize costs, transferring the property now might be the better option. But if you want to plan long-term and ensure fairness, doing a will is also fine. Just make sure all the paperwork is correct to avoid problems later.



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ruben7389
post Jan 3 2025, 05:17 PM

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QUOTE(COOLPINK @ Nov 30 2024, 07:08 AM)
From what i have seen, after transfer all will keluar pattern and become assholes.

$$$ is the root of all evil.
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This is the spot on answer. Seen too many times, compared to transfers with no issues

Worst thing is kids will sell it then leave the parents without a home also. Then say nvmd U come stay with me then make the parents become their maid and do all the housework. That's if lucky. If unlucky then sell the house and block the parents number.

Totally seen this too many times and everyone if them will say before the transfer that it will never happen to them as they are decent human beings and not like the rest

Then after transfer, they become like the rest. And worst when their spouses get involved


 

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