Rockwills the first in Malaysia using a unique comprehensive Will writing system. This is one of the core services provided by the Company which offers value for money in a comprehensive written Will. A well written and personalised Will undoubtedly can represent the clear expressed intentions of the Testator. The Will is written in English in order to facilitate the process of applying for Grant of Probate in the future.
Trust is an important tool in the distribution of your wealth and asset protection to guarantee your loved ones are the beneficiaries the way you wish it to be.
Setting up a trust also keeps your assets safe from claimants and that remains in total confidentiality to other unintended parties.
Your main BENEFITS:
In every business, operations are usually smooth until one co-owner passes on or wants to exit. When this happens, how can one maintain balance and continuity while exiting at a fair value?
“I need to find an exit for my shares when I am not around.”
A well-constructed plan is essential to protect the value of the business and provide cash for the family in the event there is a major disruption in the business due to a co-owner’s death, disability, retirement or serious major illness or any other event that jeopardizes the continuity of the business.
Ask yourself :-
Often these are:-
THE SOLUTION – UBIZ: BUSINESS VALUE PROTECTION TRUST
Our UBiz ensures a smooth transition of the business to the other co-owner(s) and the value of your share of the business is protected against an event such as:-
ADVANTAGES OF UBIZ
EXECUTORSHIP & ESTATE ADMINISTRATION
Planning for your loved ones is good but if the distribution gets stuck, then it poses more problems to them. Appoint Alston Lau Group to ensure smooth distribution of your estate to your loved ones.
“It is hard to trust anyone to look after my assets when I am not around.”
When you wish to write your Will, the key questions to ask are:
Understandably, you may want to appoint someone close to you as the executor. However, selecting an individual to manage your estate may do more harm than good, apart from the risk of loss from misuse or mismanagement. The executor will be required to deal with various tedious and time consuming legal, taxation, accounting and administrative matters beginning with the application for probate, attending court hearings, preparing reports, etc. until the distribution according to the instructions in the Will. The process can get very complicated.
TRUST FOR SPECIFIC PURPOSE
Many people have many different needs. These can be easily solved by setting up a special specific purpose trust to protect their assets and loved ones as listed below.
“I want to provide for my family in their time of need when I am no longer able to”
Create a Private Purpose Trust with us where you can set up a fund which can cater for the above situations for your loved ones.
How a Private Purpose Trust Helps You
You have bought insurance to protect against loss of income but who can you trust to protect your insurance money? Can your young beneficiaries manage such a large sum of money?
Mr. Tan was a successful businessman and held stakes in various businesses and properties. For various reasons, he used several nominees to hold his assets. He was receiving a good monthly income, in excess of RM30,000 through these nominees. It was estimated that the value of his investments amounted to RM10 million.
Unfortunately, Mr. Tan died at the young age of 42 leaving behind his wife, a 17 year old son and a 15 year old daughter. Mrs. Tan soon found out that all her husband’s bank accounts were frozen and the monthly income stream from his nominees had stopped. Since Mrs. Tan is a homemaker, she does not have any idea on how to run her husband’s businesses. Due to the time taken for the estate administration process, she had to borrow from her friends and relatives to pay for her family’s monthly expenses. Because of lack of funds for the older child’s university education, she was later forced to sell her husband’ shares in the business at a steeply discounted price of RM2 million.
During Mr. Tan’s lifetime, he verbally told his wife that if he were to pass on, he wanted to allocate sufficient funds to pay for both his children’s maintenance and education expenses. He also told her that he was very confident that his business partners would be honourable enough to buy over his shares at fair value upon his demise. However, no action was taken to formalise his wishes and instructions and unfortunately his partners failed to honour their word. Thus, due to lack of proper planning, Mr. Tan’s family was deprived of the monthly income stream and capital funds of RM8 million.
The tragedy can be avoided if Mr. Tan had followed and executed a professionally constructed estate plan during his lifetime. A comprehensive estate plan should include the following features:
UBB CASH TRUST is a trust established by you where you place a sum of cash in a trust that can be made available to your named beneficiaries in the event of an emergency. It provides swift cash for expenses during emergencies and to tide your family over until the insurance payout and access to your money in your bank accounts or execution of will.
A private trust is a trust where the beneficiary (the person or entity which receives the equitable title in the property) is private and non-charitable. Thus, this is opposed to a charitable trust, which has charitable beneficiaries. The distinction between private trusts and charitable trusts, while obvious, is necessary because there are certain requirements and conditions which apply to one but not the other. Private Trusteeship are set up for the maintenance, education and benefit of children and grandchildren. The main aim is to provide for the day-to-day needs of the beneficiaries and for the payment of their educational costs.