Same Incident, Different Decision… Different Ending.. (2 True Stories)

We often hear about how a different attitude towards a situation will cause a different decision and subsequently different ending. Today I received a call requesting for legal assistance.

From the discussion, I understand from this person that a property developer owed him a few hundred thousands. It was commission owed to him for sales. He told me a part of it was properly documented while balance was not properly documented. He had discussed with lawyer, but he could not afford to pay the fee involved and therefore he could not proceed. This happened few years ago and because of failure to recover this amount, he had been miserable for the past few years and now facing financial difficulties.

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Simple Will – Residuary Clause

Met a friend few days ago for a casual coffee and discussed about preparation of his Will.

It is true that Will can be very simple, but we still need to give enough consideration to details.

Residuary Clause

This is a clause that addresses what ever our estate not mentioned specifically in our Will. It also addresses asset that we may acquire after we have prepared our Will. But we would like to highlight the following 2 conditions:

  1. The transferability to our beneficiaries. Example – movable asset like car, can we actually equally distribute to our beneficiaries? Can one vehicle being registered to 2 owners?
  2. I will say this is classical example. 2 acres of Agricultural Land distributed to 5 siblings. Technically each own 1/5 of the 2 acres. The problem arises when one group want to sell the land while the other group want to hold it longer. Can it be subdivided?

When one part of the Will cannot be executed, there will be difficulties in executing the whole Will.

Yes, we do provide Estate Planning service. Feel free to contact us for appointment.

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BNM Announcement – Measures to Assist Individuals, SMEs and Corporates Affected by COVID-19

BNM – Loan deferment for 6 months – Individuals, SMEs and Corporates Affected by COVID-19

Bank Negara Malaysia (BNM) made an announcement on 25th March 2020 as part of the measures to help individuals, SMEs and Corporate affected by COVID-19 (coronavirus).

Moratorium of 6 Months on Bank Loans

Banking institution to provide a 6 months deferment of all loans or financing repayments with exception to Credit Card. Details could be read at BNM official site. Detailed terms and conditions can be obtained from the FAQ released. It is important to note that the interest will continue to accrue during the moratorium period.

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