I have a client by the name of Mr. Tan. He was very sick and requested me to write a Will for him.
Upon singning his Will, over the conversation, we found out that he has outstanding credit card loan of RM60,000.00 with several banks. He was told by his friends that credit card outstanding loan need not be repaid when he dies.
I explained to him that all debts must be settled before his Executor can distribute his outstanding assets as per his Will to his family members. He needs a debts cancellation plan and this can be done through purchase of a new life insurance policies and create an insurance trust or create a trust using other liquid assets.
In many occasions, we notice that there is no debts cancellation plan and the estate administration process can not continue and this cause harship to the loved ones.
To find out more about debts cancellation, please call +03-7782 1993 or visit www.rockwillsonline.com.my.
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