How to secure your company asset and share holdings after you passed away
Sim & Rahman
by Lydia Chian
2w ago
If you own or co-own a company in Malaysia, you may want to think about what’s going to happen to your portion after you are no longer around. When you have passed away, your ownership of your shares may be transferred to whoever inherits them under your terms of your will. That only applies if you have one in place. Otherwise it will be subjected to intestacy rules.  Besides all of that, it will all be subjected to provisions in the company’s articles of association and shareholder’s agreement. Such documents will take precedence and include restrictions on the transfer of shares.  ..read more
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What if you have assets in more than 1 country How to secure it after your demised
Sim & Rahman
by Lydia Chian
2w ago
It is normal for Malaysians to have assets outside of Malaysia itself. Some people have multiple assets in multiple countries across the globe and it’s a normal thing. People from anywhere in the world can have multiple assets in multiple countries at a time as long as they acquire it legally.  For any Malaysians, if you have multiple assets in multiple countries, you may want to consider including it in your wills soon. You will never know what is going to happen to you before those assets go into your will. Your next-of-kin will have a difficult time in trying to get it back. Even if it ..read more
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Creating a Trust besides Will
Sim & Rahman
by Lydia Chian
2w ago
People don’t know that creating trust besides a will is just as important as having only either one of them. There are some people who think that if they only have a will, then they won’t need trust. It’s the same thing when people have a trust, they think they do not need a will. They may have their own valid lines of thought. However, the extra fortification won’t hurt your future planning when you are no longer around.  What is a trust?  A trust is a legal document that functions like a legal container. It holds assets like money and properties. These assets will be managed by you ..read more
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Can I Convert A Leasehold to A Freehold?
Sim & Rahman
by Lydia Chian
2w ago
Property owners often ask if they can convert a leasehold property into a freehold property. It’s a valid question and we are pretty sure people have at least thought about that question at least once. For many Malaysian property owners, getting a freehold property is a dream choice. It often means having a sense of security by owning a freehold property.  Before we proceed, there are actually several differences between a freehold property and a freehold property.  Leasehold Freehold Leaseholds are often shared ownership properties. When you sign the legal documents, the proper ..read more
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What Are the General Conditions to Consider Before Buying A Leasehold Property
Sim & Rahman
by Lydia Chian
2w ago
You may be one of the people who is considering to buy a leasehold property. Probably it’s the slightly cheaper price that attracts you or maybe it’s just the location you are looking in to. Regardless of what your reason is for getting a leasehold property, you will need to take into consideration several factors.  Before we continue, there are some differences between a leasehold property and a freehold property. It does not have anything to do with the location of the property or how it’s built. The differences are:  Leasehold Freehold Leaseholds are often shared ownership pr ..read more
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What Are the Types of Crime Conviction that can Prevent Your Trustee from Inheriting Your Will
Sim & Rahman
by Lydia Chian
2w ago
You can prevent your trustee from inheriting your will if they have committed crimes. No matter how severe the level of the crime is, it is less likely (if at all) that the trustee inherits from your will.  Here are some crimes that can prevent a trustee from inheriting your will.  1.      Homicide or intentional killing  Trustees who are convicted of intentional and felonious killing cannot inherit from his victim. Based on very obvious principles and moral grounds, a killer should not profit from his crime. If the killer, however, has already an interest in the ..read more
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What happens to Your Will after Death if Your Trustee is Convicted of A Crime and What are the Conditions
Sim & Rahman
by Lydia Chian
2w ago
People often think convicts cannot inherit from the wills they are named beneficiaries of. However, that can be challenged as committing a crime can keep you from inheriting assets from the wills.  More specifically is that if you are named as a beneficiary of someone’s will but commit a criminal act against the testator. By doing such, you are essentially keeping yourself from your potential inheritance in some circumstances.  Certain instances may exclude you from inheriting your share of the assets. In order to be prevented from inheriting under the will, the beneficiary must be l ..read more
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What is a Property Transfer by Way of Love and Affection?
Sim & Rahman
by Lydia Chian
2M ago
Property transfer by way of love and affection depends on who you are transferring the property to. Usually, it is the transfer of property between wife and husband (and vice versa) and a parent and their child (and vice versa). There may be stamp duty charged but at the end of the day it depends on who you are transferring to. How do you transfer property by way of love and affection?  You will need to first establish who you will want to transfer the property to. You may want to transfer to your spouse. Or you may want to transfer to your child. Sometimes you may want to transfer to you ..read more
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Is it possible to Transfer Property to a Family Member and What are the Procedures
Sim & Rahman
by Lydia Chian
2M ago
Transferring property to a family member is a lot easier than you think it to be. A lot of times, people will think that it is a complicated matter that involves a lot of intricate procedures. Though the assumption is valid, it does not have to remain complex.  Memorandum of Transfer  There may be several scenarios where a family member may want to transfer their property to their other family member. If the parents wish to transfer their property to their children, they may do so by way of love and affection. No money consideration involved.  However, if it is a property that i ..read more
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What is the Process of naming someone Your Power of Authority for your Partnership and What are the Requirements?
Sim & Rahman
by Lydia Chian
2M ago
Naming a power of authority for your business is a healthy start to maintaining its professional health in the long term. It may not seem necessary at first. However, in the near future you may run into problems where you will need the help of one.  A power of authority, sometimes also called power of attorney (POA), refers to a legal authorization that provides an appointed person the power to act for someone else. The POA gives the person the authority to act on behalf of the company. The appointed may be given broad or limited authority to make decisions about the company’s properties ..read more
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