Individual shall be entitled to one-half of the

Individual reportThe Wills Act 1959 defines a will as a declaration thatintends to have legal effect of the intentions of a testator, with respectto his property or other matters he desires to be carried into effect after hisdeath.The testator wants a will that set forth in writing, and signed by him and hiswitness to maximize the likelihood that his wishes are carried out. Based on the couplestatus, if the couple don not have a will, the Distribution Act 1958 willdivide their assets between your next kin, which is spouse, parents andchildren.(a)    Ifan intestate dies leaving a spouse and no issue and no parent or parents, thesurviving spouse shall be entitled to the whole of the estate.(b)   Ifan intestate dies leaving no issue but a spouse and a parent or parents, thesurviving spouse shall be entitles to one-half, the surviving spouse shall beentitled to one-half of the estate and the parent or parents shall be entitledto the remaining one-half.

(c)    Ifan intestate dies leaving issue but no spouse and no parent or parents, thesurviving issue shall be entitled to the whole of the estate.(d)   Ifan intestate dies leaving no spouse and no issue but a parent or parents, thesurviving parent or parents shall be entitles to the whole of the estate.(e)    Ifan intestate dies leaving a spouse and issue but no parent or parents, thesurviving spouse shall be entitled to one-third of the estate and the issue theentitled the remaining two-third.(f)    Ifan intestate dies leaving no spouse but issue and a parent or parents, the survivingissue shall be entitled to two-thirds of the estate and the parent or parentsentitled the remaining one-third.(g)   Ifan intestate dies leaving a spouse, issue and parent or parents, the survivingspouse shall be entitled to one-quarter of the estate, the issue shall beentitled to one-quarter of the estate, the issue shall be entitled to one-halfof the estate and the parent or parents entitled the remaining one-quarter.(h)   Ifan intestate die leaving no spouse, issue, parent or parents, the whole of theestate o the intestate shall be ACT 300 Laws of Malaysia. The importance of estate planning1.

     AvoidProbateThe most common reason why people seekout the advice of and estate planning attorney is avoiding probate. Many ofthem want to avoid probate at all cost but many have never dealt with it. Thisis because there are many scary incidents from the family, neighbours, businessassociates or friends. Thus, avoiding probate is a really good reason forcoming up with an estate plan and it can be easily.2.

     Protect assets form future creditorsThere arenumerous of vehicles available to specify your assets from future if you havepotential creditor problems or work in an industry that is often subject tolitigation. This strategies will maintain the right of use the assets whenneeded while sacrificing some of the control over the assets.  3.     ReducingtaxesEstate planningalso gives you and your family protection from a huge tax hits. The goodmotivator for the people to combine and estate plan together is large loss ofone`s estate to the payment of state and federal state taxes or stateinheritance taxes. Married couples can reduces or even eliminate the estatetaxes together by revocable living trust.4.

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     Avoid familyfightsThere are somany real life examples of family fights out there because of the unbalanceddistribution. The way to avoid costly and time consuming family fight is toindicating in writing how your assets will be distributed to your familymembers upon death.