Recently Rockwills have received numerous queries regarding an email that has been circulating in cyberspace on the failure of EPF nomination.
According to this email, if you have nominated more than one person and if one of them dies before you, then your entire EPF nomination will be invalidated and if you didn’t make a fresh nomination, then the moneys will go to Amanah Raya.
This is not true. Please read the answer provided by the GM of Public Relations from EPF.
Actually this has already been brought to our attention by the Star Editor.
We have in fact sent our response to him which has been attached below for your reference.
If a member has more than one nominee and one of the nominees dies during the member's lifetime, only the portion that was bequeathed to the deceased nominee will be invalid.
Should the member later dies without updating his nomination, the other nominees will receive their portion accordingly.
Only the portion that was bequeathed to the deceased nominee will be subject to procedures under 'EPF savings without nomination' in which the first priority for the right to claim the member's savings goes to the appointed administrator of the deceased member's estate.
Therefore it is not true that if you, as a member, have named more than one nominee, the entire nomination will be void if one of the nominee dies before you.
It follows however that if you have named only one nominee and he or she dies before you, the nomination will be void unless a new beneficiary is nominated. Please note that you don't have to produce the death certificate of a deceased nominee to change your nomination.
You can change/update your nomination anytime by simply completing a new KWSP 4 (AHL) Form. This will automatically revoke any earlier nomination made.
The information concerning approaching EPF counter within 3 days to avoid EPF savings being 'surrendered to Amanah Raya' if no nomination is made or if nominee dies at the same time as the member is not true.
Depending on the amount of savings in the member's account, if there is no nomination the procedure will be as follows:-
If member's EPF savings are less than RM25,000:
* *Initial sum of RM2,500 will be paid to the next of kin.
* *The balance will be paid after a two-month period from the date of the member's death.
If member's EPF savings are more than RM25,000:
* *Initially a sum of RM2,500 will be paid to the next of kin.
* *The second payment (not more than RM17,500) will be paid to the next of kin after two months from the date of the member's death.
* *The balance of the savings will be paid upon submitting the Letter of Administration/Grant of Probate/Distribution Order/Faraid Certificate from the party that administers estates such as Amanah Raya Berhad or the Court or the Land Office, respectively.
The process to obtain these documents is time-consuming and certain fees will also need to be paid. On the other hand, with nomination, no fees need to be paid. This is precisely why nominating is very important.
You should also ensure that you update your beneficiary whenever there is any major life changes such as marriage, additional new members or the death of a nominated beneficiary.
The explanation above should help you respond to members' queries on this issue.
Please also help us forward this explanation to those who forwarded the email.
Thank you.
Nik Affendi Jaafar
General Manager,
Public Relations, EPF"Proud to be certified MS ISO 9001 : 2000"
EPF nomination is important and yet Will also is equally important as to claim the balance EPF fund you still need Letter of Administration / Grant of probate.
For further information please contact: 012 6366468
Monday, July 27, 2009
Friday, July 24, 2009
It's the Time to Give!
Receiving this piece of Information, I was so happy that Rockwills has done another round of wonderful contribution to this society.
There are total of 26 Charitable Organisations have already tied up with Rockwills as listed below:
- National Autism Society of Malaysia (NASOM)
- Women’s Aid Organisation (WAO)
- Kiwanis Down Syndrome Foundation (KDSF)
- Ti-Ratana Welfare Society Malaysia
- Rumah Hope
- Pusat Penjagaan Kanak-Kanak Cacat Klang Selangor
- Spastic Children’s Association of Selangor & Federal Territory (SCASFT)
- World Wide Fund For Nature (WWF)
- Rumah Charis
- Charis Hospice
- Penang Cheshire Home
- Handicapped and Mentally Disabled Children Association Johor Bahru, Johor
- Kuching Autistic Association
- Pertubuhan Ibu-Bapa Kanak-Kanak Keperluan Istimewa Sarawak (PIBAKAT)
- Society for the Prevention of Cruelty to Animals (SPCA)
- Pertubuhan Kebajikan Kanak-Kanak Khas Negeri Johor
- Persatuan Kebajikan Orang-Orang Istimewa
- Desa Amal Jireh
- Malaysia Mental Health Association
- Persatuan Kristian Shuang Fu Untuk Orang-orang Kurang Upaya Kuala Lumpur
- Yayasan Kebajikan Psikologi Malaysia
- Malaysian AIDS Foundation
- Women's Centre for Change
- Malaysian Medical Relief Society (MERCY - Malaysia)
- Alzheimer's Disease Foundation Malaysia
- The Salvation Army
As more and more people become conscious of helping charitable organisations.
If you can't think of anyone to give a way your estate or you would like to donate / charity away part of your estate.
Please refer to the above listed NGO. They are waiting for hope!
“the more you give, the more you shall receive”, (有舍才有得）please continue to support this good cause.
Sunday, July 5, 2009
Who is Executor? Why do we need an Executor?
Executors are vital to the successful effecting of a Will.
An executor is the one appointed to carry out the terms and instructions in your Will, and administer your entire estate until all assets are distributed. The distribution and administration process would depend on the size and values of the estate, the beneficiaries' age.
Sometimes, the executor might be required to also assume the Trustee's role if no other trustee has been appointed and if beneficiaries are not yet ages 18.
Choosing an executor is not an easy task. We can choose up to four execuor. Each of them should ideally possess assest management skills and professionalism - especially if the estate is large. Honesty and reliability are necessary since valuable like jewellery, ornaments and antique will be vested with them until finally distribution. They should also have time to manage the whole process.
Spouse are quite commonly named executor, they may not be in a state of mind to deal with the demanding duties and complex procedures involved if still in grief.
Why not consider a corporate trustee to be either an executor or a substitute executor. Such institutions understand fully the intricacies of a Will, and possess the time and ability to manage, distribute and enhance your estate effeciently. They are also impartial (non-biased to particular persons) and ha continuity. They are thus excellent alternatives to individual executors. They also possess the necessary knowledge and experience with the courts to deal with matters pertaining to a Grant of Probate to ensure the smooth distribution of your estate.
Before the appointment of an executor whether it's individual / corporate), you are advice to get their consent. Especially with individuals, this will ensure that they not only understand the magnitute of the task, but are ready and willing to assume it. This will avoid problems of the executor renouncing the role later on.
Family members should be furnished with the name, address and contact number of the executor so that the person can be contacted immediately when required. This is especially important if the Will contains funeral instructions or matters requiring urgent attention.
Executors are the ones who will ensure whether all your final wishes come true. Therefore, choose then wisely.
For more information, please contact : Candy at 012 6366468
For those who have not write their Will, please start to think about this....
Source: The Sun - 31st March 2000
An executor is the one appointed to carry out the terms and instructions in your Will, and administer your entire estate until all assets are distributed. The distribution and administration process would depend on the size and values of the estate, the beneficiaries' age.
Sometimes, the executor might be required to also assume the Trustee's role if no other trustee has been appointed and if beneficiaries are not yet ages 18.
Choosing an executor is not an easy task. We can choose up to four execuor. Each of them should ideally possess assest management skills and professionalism - especially if the estate is large. Honesty and reliability are necessary since valuable like jewellery, ornaments and antique will be vested with them until finally distribution. They should also have time to manage the whole process.
Spouse are quite commonly named executor, they may not be in a state of mind to deal with the demanding duties and complex procedures involved if still in grief.
Why not consider a corporate trustee to be either an executor or a substitute executor. Such institutions understand fully the intricacies of a Will, and possess the time and ability to manage, distribute and enhance your estate effeciently. They are also impartial (non-biased to particular persons) and ha continuity. They are thus excellent alternatives to individual executors. They also possess the necessary knowledge and experience with the courts to deal with matters pertaining to a Grant of Probate to ensure the smooth distribution of your estate.
Before the appointment of an executor whether it's individual / corporate), you are advice to get their consent. Especially with individuals, this will ensure that they not only understand the magnitute of the task, but are ready and willing to assume it. This will avoid problems of the executor renouncing the role later on.
Family members should be furnished with the name, address and contact number of the executor so that the person can be contacted immediately when required. This is especially important if the Will contains funeral instructions or matters requiring urgent attention.
Executors are the ones who will ensure whether all your final wishes come true. Therefore, choose then wisely.
For more information, please contact : Candy at 012 6366468
For those who have not write their Will, please start to think about this....
Source: The Sun - 31st March 2000
Thursday, July 2, 2009
Where is your Will? Is it Safe?
Just to share how important is Will Custody.
Here is a video sharing of Rockwills Custody.
If you have not decide where to put your Will / you have forgotten where is your Will !
Take a few minutes to view this video, you will know how safe is Rockwills Custody.
http://www.youtube.com/watch?v=Q11L7yFOjxA
If you are keeping your own Will / it's kept by someone / anyone.
Please reconsider to put it in Rockwills.
For more information, please contact : 012 6366468
Here is a video sharing of Rockwills Custody.
If you have not decide where to put your Will / you have forgotten where is your Will !
Take a few minutes to view this video, you will know how safe is Rockwills Custody.
http://www.youtube.com/watch?v=Q11L7yFOjxA
If you are keeping your own Will / it's kept by someone / anyone.
Please reconsider to put it in Rockwills.
For more information, please contact : 012 6366468
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