Home What Assets of Yours Cannot be Willed?
What Assets of Yours Cannot be Willed? PDF Print E-mail

Life Insurance policies held under Section 166 of the Insurance Act 1996 with nominees named. (The spouse, children or parents as nominees)

Employees Provident Fund with nominees named. (Employees Provident Fund Act 1951) (A portion that is used for Unit Trust will go to the Estate)

Assets held under joint ownership, which gives right to the survival joint owner. (E.g. banks accounts with a survivorship clause, either party passed away, the surviving joint owner will receive all the assets)Native properties and ancestral properties (Harta Pusaka in Malay).

Trust created on the money payable upon death. The money does not form part of the policyholder’s estate and therefore it CANNOT BE WILLED AWAY. This money is also not subject to creditor’s claim.

 

 

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