Sunday, July 20, 2014

When You Passed Away, Who Concerns The Most of Your Estate?

News from

There will 3 parties that will put their utmost concern to your estate when you are no longer around.

  • Your Family (Future Daily Expenses)
  • Creditors (Loans)
  • Government (Tax)
What is "Estate"?

An estate is the net worth of a person at any point in time alive or dead. It is the sum of a person's assets – legal rights, interests and entitlements to property of any kind – less all liabilities at that time. 

Family aside, banks and government will definitely be the 2 parties that will be in contact with your family members once you are dead.
  • Within sixty (60) days, the bank will be in touch with your family members and business partners (if any), to request for any loans or repayment to be settled
  • Inland Revenue Board (IRB) or better known as Lembaga Hasil Dalam Negeri (LHDN) will create a file to collect back any outstanding taxes
  • Creditor(s) will also start to look for the administrator of your estate or apply to the court as administrator so they can collect whatever debts left by your good self
When you are no longer around, your family members and your loved ones will need to live on... with money
  • How can they plan to settle your repayment or loans?
  • If you are in business, how can they decide who will be the successor?
  • How can you make sure your estate is distributed accordingly to your loved ones?
When you are still alive...

Do you want to give your loved ones lovingness?
Or to leave your loved ones with indebtedness?



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