Basic Knowledge for Estate Planning

When a person passed away, the representative is needed to assist in transferring asset. What is the representative call?

Executor (without Will)

Administrator (with Will)

Administrator (without Will)

Executor (with Will)

When does Guardian needed? When child is....

Below 21 years old

Below 18 years old

Below 16 years old

Below 20 years old

What is the legal age to own asset?

16 years old

21 years old

18 years old

20 years old

Below are the requirement to be witness of Will except:-

I have my insurance policy and also EPF. Should I put it into my will? If yes, why? If no, why?

Mr. A (single) pass away without leaving parents. Write down all the sequence of distribution under Distribution Act 1959.

Below are the MOST IMPORTANT DETAILS when doing Will Review with client except:-

Below are the different of having Will and without Will except:-

I have my watch collection / handbag collection. Can I write it down into Will?

Yes

No. Because it can't be executed in Will

"I have not settle down in acquiring asset. Let me settle down first then I'll write in future". How would you handle this rejection using Will advantage?

What happen if the nominee in insurance predeceased the insured?

If it is trust nomination, sum assured will pay to nominee estate

The sum assured will goes to the spouse of the insured first, then only children of the insured.

The sum assured will pay to the children directly since spouse is predeceased

The sum assured will fall to the estate of insured

I wish to give my insurance sum assured to my brother. What should it do?