The Practices of Managing the Inheritance Debts: A Case Study of Malaysia
DOI:
https://doi.org/10.35516/law.v51i4.5051Keywords:
Practices, inheritance, Malaysia, debts, rights, executor, willsAbstract
Objectives: This research aims to outline the practical application of managing the debts of the deceased in Malaysia, covering the estate divisions, methods of management, related issues, and ways to preserve the rights of creditors and debtors after their demise.
Methods: The research adopts an inductive and analytical approach, supplemented by personal interviews with officials responsible for estate and inheritance management in Malaysia to obtain relevant information on the subject.
Results: The research yielded several findings, including: There are three main sections in Malaysian law related to estate management, which vary based on the estate's value. Cases requiring the appointment of a manager typically involve scattered estate assets, significant debts, and the deceased's involvement in commerce. Guardianship involves a process of trust containing various elements and responsibilities such as safeguarding assets, transactions, debt settlement, disposal of goods, loans, etc., to enable the manager to identify debt repayment resources.
Conclusions: The research concludes with recommendations, notably emphasizing the necessity for legislative and executive entities related to estates to increase cooperation and contribute to raising awareness within society regarding debt-related matters, with a focus on absolving the liabilities of individuals and granting rights to their rightful owners.
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Accepted 2024-03-03
Published 2024-12-01


