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    Estate Planning: Rockwills Corporation Sdn. BHD

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    Evelyn Chong
    This document discusses estate planning tools like wills, trusts, insurance, and buy-sell agreements. It explains that estate planning is important for distributing estate assets, guardianship of children, business succession, and continuation of the estate. A will allows assets to be distributed testate, while dying without a will means intestate distribution. The document emphasizes including a residuary clause to avoid partial intestacy and name substitute beneficiaries. Upon death, all assets are frozen until a court order is obtained, like a grant of probate for those with a will or letters of administration for those without. The personal representative applies to the high court for the appropriate court order with lawyer assistance.

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    Estate Planning: Rockwills Corporation Sdn. BHD

    Uploaded by

    Evelyn Chong
    19 views9 pages
    This document discusses estate planning tools like wills, trusts, insurance, and buy-sell agreements. It explains that estate planning is important for distributing estate assets, guardianship of children, business succession, and continuation of the estate. A will allows assets to be distributed testate, while dying without a will means intestate distribution. The document emphasizes including a residuary clause to avoid partial intestacy and name substitute beneficiaries. Upon death, all assets are frozen until a court order is obtained, like a grant of probate for those with a will or letters of administration for those without. The personal representative applies to the high court for the appropriate court order with lawyer assistance.

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    This document discusses estate planning tools like wills, trusts, insurance, and buy-sell agreements. It explains that estate planning is important for distributing estate assets, guardianship of children, business succession, and continuation of the estate. A will allows assets to be distributed testate, while dying without a will means intestate distribution. The document emphasizes including a residuary clause to avoid partial intestacy and name substitute beneficiaries. Upon death, all assets are frozen until a court order is obtained, like a grant of probate for those with a will or letters of administration for those without. The personal representative applies to the high court for the appropriate court order with lawyer assistance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    19 views9 pages

    Estate Planning: Rockwills Corporation Sdn. BHD

    Uploaded by

    Evelyn Chong
    This document discusses estate planning tools like wills, trusts, insurance, and buy-sell agreements. It explains that estate planning is important for distributing estate assets, guardianship of children, business succession, and continuation of the estate. A will allows assets to be distributed testate, while dying without a will means intestate distribution. The document emphasizes including a residuary clause to avoid partial intestacy and name substitute beneficiaries. Upon death, all assets are frozen until a court order is obtained, like a grant of probate for those with a will or letters of administration for those without. The personal representative applies to the high court for the appropriate court order with lawyer assistance.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
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    of 9

    ESTATE PLANNING

    ROCKWILLS CORPORATION SDN. BHD.

    ESTATE PLANNING TOOLS


    WILL TRUST INSURANCE BUY-SELL AGREEMENT ASSOGNMENT NOMINATIONS

    WHY ESTATE PLANNING?


    1. DISTRIBUTION OF ESTATE

    2. GUARDIANSHIP OF CHILDREN
    3. ENSURE BUSINESS SUCCESSION 4. PRESERVATION & CONTINUATION OF ESTATE.

    ESTATE PLANNING - WILLS


    WHEN A PERSON DIES, IT CAN BE
    1. TESTACY - DECEASED DIES WITH A VALID WILL 2. INTESTACY DECEASED DIES WITHOUT A WILL. 3. PARTIAL INTESTACY DECEASED DIES WITH A VALID WILL BUT IT DOES NOT DISPOSE OF ALL HIS ESTATE. AS A PRECAUTION, A RESIDUARY CLAUSE SHOULD BE INCORPORATED UNDER THE WILL.

    RESIDUARY CLAUSE
    RESIDUARY ESTATE = ANY PORTIONOF THE TESTATORS ESTATE THAT IS NOT SPECIFICALLY MENTIONED IN THE WILL.
    IT IS IMPORTANT TO NAME BENEFICIARIES FOR THE RESIDUARY ESTATE TO PREVENT PARTIAL INTESTACY. ADVISABLE TO JHAVE A SUBSTITUTE BENEFICIARIES OR LAST SUBSTITUTE BENEFICIARY CAN BE FOR CHARITY.

    WHEN A PERSON DIES, ALL HIS ASSETS WILL BE FROZEN

    HIS SPOUSE, CHILDREN OR ANY OTHER


    DEPENDENTS CANNOT INHERIT HIS PROPERTIES AUTOMATICALLY.

    TO UNLOCK ALL HIS ASSETS

    GET COURT ORDERS SUMMARY ADMINISTRATION

    TYPE OF COURT ORDERS


    1. GRANT OF PROBATE (GP)
    Testator dies with a Will. 2. LETTERS OF ADMINISTRATION (LA) Testator dies without a Will. 3. LETTERS OF ADMINISTRATION WITH WILL ANNEXED

    When a testator leaves behind a Will but he did


    not dispose of all his estate in the Will or there is no proving Executor in a Will.

    Who can apply?


    THE PERSONAL REPRESENTATIVE OF THE DECEASED WITH ASSISTANCE OF LAWYERS WILL APPLY TO THE HIGHCOURT FOR THE COURT ORDER.

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