WHAT IS ESTATE

PLANNING

Background

Estate planning is the process of disposing of

an estate after one’s death. Estate or legacy
means money or property left by the
deceased which includes moveable (For
example: cash, banks savings, shares, EPF
savings, insurance claims) and immovable
assets (For example: land, house and building).

When a person dies without a Will, the

beneficiaries of a deceased may face a delay in
unlocking the estate’s frozen assets. This is
because of the following reason:

1. Need to choose or appoint an administrator-
The beneficiaries may not agree on the
person who will be applying for the letters of
administration. This is because the
administrators may be allowed by the High
Court to have a commission not exceeding
5% on the value of assets collected by them.
2. Need to identify, locate and value the assets of the
estate-In order to apply for the letters of the
administration; it is the general rule that the must be
two (2) sureties who are able and willing to provide an
administration bond equivalent to the gross value of
the estate.

WILLS AND FARAID

In Malaysia, Amanah Raya Berhad (ARB) administers a deceased person’s estate.