16 August 2017

Apa Pentingnya Vital Behavior nie?


Vital Behavior (VB) : Boleh check kat sini kalau nak tahu serba sedikit mengenai VB nie.

Saya selalu tekan mengenai VB nie kepada agent2 saya atau sesiapa sahaja yang saya jumpa untuk sessi coaching atau ada yang nak belajar dengan saya. Sebab, dalam tempoh 14 tahun sama buat takaful nie, jadi agent dan kemudian jadi manager nie, memang VB ni adalah asas untuk kita monitor performance dan sales activity kita.

Ada yang pandang remeh mengenai perkara ini dan buat ikut apa yang mereka suka. Akhirnya sampai satu masa akan stuck dan mula lost.

Saya tak nafikan, ada banyak cara lain yang anda boleh gunakan. Tapi, sepanjang saya dalam bidang nie dan setelah saya ikuti program nie, saya gunakan VB sheet untuk monitor performance saya dan group saya. 


Memang mula2 agak sukar dan rasa leceh nak update, hari2 nak kena update, tak pun minimum seminggu sekali kena update. Tapi, sebenarnya, dari data VB itu lah yang akan boleh bantu kita tengok performance kita dari sehari ke sehari.

VB RECORDING & MONITORING

Saya gunakan online GOOGLE SHEET untuk buat monitoring. Yang mana, saya buat table dan saya letakkan coloring dalam tu.

  • Kalau tak buat lansung = '0' akan color merah
  • Kalau buat tapi tak capai target = 'x' ikut berapa yang di buat dan akan color kuning
  • Kalau buat dan capai target ikut VB requirement, akan color hijau.



Screen Shot 2017-08-16 at 12.46.51 AM

So, dengan cara ini, sekali imbas sahaja dah boleh buat initial diagnosis apa yang problem dan macam mana nak bantu tingkatkan activity dan productivity.


Selain itu, VB sheet ini juga saya gunakan untuk agent tersebut boleh membuat self diagnose, apa yang mereka kurang dan apa yang mereka mungkin dah ok dan kena kekalkan. So, kat situ kita boleh usaha untuk dapatkan performance yang consistent setiap tahun.

So, untuk sesiapa yang tak biasa buat recording, perlu belajar dan biasanya buat record dan update. Supaya, ada masa kita akan lost atau performance mula drop, kita boleh back on track balik dengan buat benda2 basic setelah diagnose data2 yang kita ada.

Saya faham, untuk sesetengah orang, memang  tak suka benda nie, sebab leceh kena update dan sebagainya...saya pun rasa benda yang sama pada permulaan saya buat benda nie, tapi setelah beberapa tahun, baru saya nampak kesannya dan kelebihan ada recording.

So, kena biasakan buat recording.

Sekian..

Aziz Riadi
Financial and Takaful Coach

10 August 2017

Info mengenai Pelan Takafulink (Takafulink dan Takafulink Cerdik serta Medical Card)

ANDA MENCARI PLAN MEDICAL CARD, TAKAFUL ATAU INSURANCE?...Layari blog saya, In sha Allah Anda akan memperolehi maklumat yang dicari. Untuk penerangan lanjut, boleh hubungi saya di 019-323 2121 (Aziz Riadi-Coach Takaful #1 di Malaysia)



Latest Updatess!!!.....Software utk SQS Ver 3.3.1 (MARCH 2017)...sedia utk didownload....sila click link download ini atau image download di bawah.



________________________________________________________________

Assalamualaikum dan Salam Sejahtera kepada pengunjung sekalian....
Selamat datang kepada anda semua. Laman ini direka khas untuk sesiapa yang ingin mendapatkan maklumat mengenai pelan-pelan takaful dari Prudential BSN Takaful Berhad (PruBSN). Antara maklumat yang anda boleh perolehi :




Kepada sesiapa yang berminat untuk mengetahui lebih lanjut tentang pelan Takaful PruBSN ini, boleh hubungi saya di 019-323 2121 (Aziz) atau email : abdriadi@prupartner.com.my.

Selain itu, kepada sesiapa yang berminat untuk menjadi Agent PruBSN Takaful secara Part Time / Full Time, juga boleh hubungi saya seperti yang tertera di atas. Sertai kami, syarikat yang sentiasa mendengar dan memahami..."We Understand, We Care"..

Kami membantu merealisasikan impian anda untuk menjadi JUTAWAN dalam industri takaful di Malaysia.



Pengumuman : Quotation untuk Takafulink SQS Ver 3.3.1 (MARCH 2017) sedia untuk di download.....


Kepada pembaca2 yang belum jadi agent, berminat nak jadi agent dan tambah income....contact saya segera, latihan akan diberikan secara percuma....HUBUNGI.. 019-323 2121 (Aziz Riadi)
 
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07 August 2017

STROKE DEPAN MATA


PENGALAMAN MELIHAT ORANG KENA STROKE DEPAN MATA..







STROKE AT SYDNEY 


Pengalaman tengok orang kena stroke, masa nak collect luggage di Keflavick Airport, Iceland, tetiba ada sorang wanita eropah menjerit...



Somebody call a doctor, pleaseee....help, pleasseee, help me, pleasee..any doctors here??!!!

Bila saya toleh tengok ada sorang lelaki, rasanya dlm lingkungan hujung 50-an, kekejangan dan mulut senget dan terketar2, sambil wife beliau pegang dan meminta tolong. Dalam beberapa second lps tu ada beberapa orang tolong dan ada yang cuba masukkan sesuatu dlm mulut mangsa tadi tu, takut beliau tergigit lidah agaknya, tapi tak berjaya sebab mulut mangsa dah tertutup rapat dan terkejang2. Keadaan agak panic masa tu, wife beliau mula menangis dan berulang-ulang sebut..


I don't know what happen, I don't know what happen, pleasee help him...pleasee!!!
Masa tu saya lihat airport security dan paramedic dah sampai dengan pengusung...

Dalam masa 5-6 min lps tu mangsa dah terbaring, saya tengok masih bernafas tapi dalam keadaan lemah.

Bila mangsa sudah diangkat, saya terus terfikir...itu sebabnya penting travel insurans. Kalau berlaku kecemasan macam ni di luar negara disebabkan penyakit atau kemalangan, kos yang diperlukan sangat tinggi.

Cuma kekadang perkara sebegini ada yang masih take thing for granted atau amik.. Memang la mungkin kita tak pernah kena, cuma apa yang kita perlu buat adalah kita kena rancang backup plan...

Perkara yang sama berlaku kpd seorang Professor yang pergi ke Australia, dan kena stroke last week, warded di hospital di Sydney, setakat yang diberitakan dalam paper kos dah mencecah hampir 300K utk rawatan dan utk nak bawak balik. Ahli keluarga terpaksa sediakan duit dan dapat kumpul dlm 120K++..
Ok. Kat sini sebenarnya penting back up plan.

Setiap orang mmg dah ready dgn Plan A. Iaitu tak payah plan apa2.

1- Plan A : Tak payah plan apa2, by default, kalau kecemasan, pakai duit sendiri.

2- Plan B : Optional
- Saudara mara / Adik Beradik.
- Derma
- Transfer risk kepada pihak ketiga (insurance / takaful)

So, ada beberapa options, ini yang saya buat, tak semestinya betul bagus untuk anda, tapi based on my best knowledge and experienced.

Plan B : Sign up medical plan

- Insurans atau takaful utk personal ( utk pakai di local hospital) dan utk long term. Personal punya walau pun boleh cover utk oversea trip dlm masa 3 bulan selepas keluar Malaysia, tapi ia sangat terhad.

- Travel insurance khas utk jangka masa travel dan one off. Cuma kalau kita adalah regular overseas traveller boleh amik annual punya plan. Sebab ia cover mcm2 lagi dgn kalau flight delay, luggage hilang, accident dan mcm2 lagi. Process apply sangat mudah, sebab boleh apply online. Dan yang paling penting adalah repatriation process (process nak bawak balik pesakit ke tanah air).
Since sekarang ditambah lagi ramai orang Malaysia dah pandai dan suka travel backpacking dan sebagainya, jangan lupa masukkan travel insurance or takaful dalam check list anda. 

Tapi, kalau tak nak pun takpe, because whether you buy insurance from others or you insured yourself.

Kalau anda ingin dptkan maklumat mengenai perancangan kewangan atau takaful, boleh PM inbox saya atau whatsapp http://financialcoach.wasap.my/
Sekian.

AAR
www.azizriadi.com

#traveltips
#mgklang
#muqmeengroup
#insurance
#medicalcard
#travelinsurance
#vacations

KEMBALI KE SENARAI ARTIKEL : 

13 May 2017

HIBAH BERSYARAT DAN HIBAH AMANAH : KONSEP DAN PRAKTIKAL

HIBAH AMANAH & BERSYARAT
ALHAMDULILLAH, sekarang nie ramai orang memperkatakan pasal hibah. Antara sebab kenapa HIBAH sekarang ni semakin popular, antaranya adalah apabila ramai yang menghadapi masalah atau cabaran dalam pengurusan atau pembahagian harta pusaka.

Sama ada anda sedar atau tidak, jumlah harta pusaka orang Islam yang beku setakat bulan January 2017, jumlah harta pusaka yang tidak dituntut atau beku di beberapa agency kerajaan yang berkaitan, antaranya Amanah Raya Berhad.

Ini antara petikan dalam surat khabar UTUSAN mengenai jumlah harta pusaka yang beku disebabkan kesedaran mengenai pengurusan harta pusaka masih rendah di kalangan rakyat Malaysia.
" Timbalan Menteri Sumber Asli dan Alam Sekitar, Datuk Ir. Hamim Samuri berkata, Jabatan Ketua Pengarah Tanah dan Galian Persekutuan (JKPTG) menerusi Bahagian Pembahagian Pusaka (BPP) di bawah kementerian itu merekodkan kira-kira RM60 bilion jumlah harta yang tidak dituntut oleh waris si mati sejak tahun 1950-an hingga kini "

Artikel Penuh: http://www.utusan.com.my/berita/nasional/harta-pusaka-tidak-dituntut-mencecah-angka-rm60-bilion-1.185501#ixzz4gugzqi2F
© Utusan Melayu (M) Bhd
 Dan bila sembang pasal hibah pulak, terdapat beberapa konsep hibah yang dipraktikkan oleh institusi kewangan di negara kita. Iaitu adalah

1- HIBAH BERSYARAT 

2- HIBAH AMANAH

HIBAH BERSYARAT

Digunapakai dalam sijil takaful di mana, pampasan daripada perlindungan sijil takaful tersebut dihibahkan kepada "penama" melalui kaedah hibah bersyarat. Berbeza sekiranya pemegang sijil takaful tu letak penama sebagai wasi, penerima pampasan tersebut perlu membahagikan wang pampasan mengikut undang2 shariah (wasiat atau faraid).

Kenapa kalau hibah bersyarat tak perlu melalui proses pembahagian harta pusaka?...

Sebabnya...HIBAH BERSYARAT adalah BUKAN SEBAHAGIAN DARI HARTA PUSAKA SI MATI, jadi ia tidak tertakluk kepada pembahagian harta pusaka.

Rujuk Akta Pengurusan Kewangan Islam 2013


" JADUAL 10 [Seksyen 142], 
3 (2) Suatu penamaan oleh peserta takaful menurut subperenggan 2(1) bagi seorang penama untuk menjadi seorang benefisiari di bawah hibah bersyarat, hendaklah, walau apa pun mana–mana undang–undang bertulis, mempunyai kesan memindahkan pemilikan, dan hendaklah memindahkan pemilikan, manfaat takaful yang kena dibayar itu kepada penama itu atas kematian peserta takaful itu dan manfaat takaful sedemikian yang dipindahkan tidak menjadi sebahagian daripada harta pusaka peserta takaful yang mati itu atau tertakluk kepada hutangnya. "

So, HIBAH TAKAFUL ini dilindungi oleh akta perkhidmatan kewangan Islam 2013.

Pemilik sijil takaful bebas menamakan penerima hibah bersyarat semasa hidup tanpa sekatan. Begitu juga sekiranya nak buat perubahan kepada penerima lain.

Kesimpulannya HIBAH BERSYARAT ini merupakan satu pilihan kaedah untuk kita sediakan wang tunai segera kepada waris untuk meneruskan kelangsungan hidup (kos sara hidup setelah kematian ketua keluarga) tanpa melalui proses pembahagian harta pusaka yang rumit dan mengambil masa yang lama.

HIBAH AMANAH

Kaedah HIBAH AMANAH pula merupakan satu pilihan kepada pemilik account tabung haji atau Amanah Saham Bumiputera (ASB) untuk meletakkan waris sebagai penama sekiranya meninggal dunia. Konsep yang sama juga, kenapa gunakan hibah amanah, adalah untuk memudahkan proses pindah milik duit dalam account Tabung Haji atau ASB sekiranya pemegang account meninggal dunia. So, tak perlu melalui proses pembahagian harta pusaka. Sebab HIBAH AMANAH ni, consider duit tu telah dihadiahkan kepada penerima hibah. Cuma, bezanya, semasa hidup, pemilik account boleh guna duit tu macam biasa.

Cumanya, untuk hibah amanah nie..terdapat beberapa perkara penting yang kita kena take note...

1- Bila kita dah hibahkan kepada penerima hibah, sebarang pertukaran penerima hibah perlu mendapatkan persetujuan penerima hibah asal. Berbeza dengan HIBAH BERSYARAT tadi, pemilik account boleh tukar kepada sesiapa sahaja semasa mereka hidup tanpa perlu mendapatkan kebenaran penerima hibah. Kecuali, penerima hibah adalah "ANAK KANDUNG atau CUCU" kepada pemegang account.


" Pembatalan dan Pindaan Hibah Amanah tidak boleh dibuat tanpa mendapat persetujuan Penerima Hibah Amanah.
Walaubagaimanapun pembatalan dan pindaan dibenarkan tanpa persetujuan sekiranya Penerima Hibah Amanah adalah daripada kalangan anak kandung dan/atau cucu kandung Pemberi Hibah Amanah yang masih hidup. "
Sumber : http://tabunghaji.gov.my/hibah-amanah


2Pemegang akaun yang nak buat  hibah bebas untuk menentukan siapa yang akan memiliki harta hibah. Orang bukan beragama islam juga layak menerima hibah sekiranya namanya ada dalam senarai penerima hibah.

3- Pengagihan Hibah Amanah adalah tidak tertakluk kepada Hukum Faraid. Ia bergantung kepada pemegang account untuk menentukan berapa jumlah hibah yang ditetapkan.

4- Waris-waris lain tidak berhak ke atas duit yang telah dihibahkan melalui hibah amanah.

5- Hibah Amanah adalah satu pilihan atau alternatif untuk penyelesaian bagi pembahagian harta pusaka bagi mualaf yang tidak mempunyai waris beragama Islam atau kepada anak angkat.

6- Pemberi Hibah Amanah masih boleh mendapatkan faedah atau manfaat wang atau harta yang telah pun dihibahkan selama mana Pemberi dan Penerima Hibah Amanah masih hidup.

BAGAIMANA KALAU PEMBERI HIBAH ATAU PENERIMA HIBAH MENINGGAL DUNIA?

CONTOH CASE STUDY UNTUK ACCOUNT AMANAH HIBAH TABUNG HAJI

Kematian Pemberi Hibah Amanah

Hj. Ahmad merupakan pendeposit di TH.Beliau berhasrat untuk menghibahkan 50% wang simpanan beliau di TH kepada isteri beliau, Hjh Aminah dan 50% kepada anak beliau, Muhammad. 

Di dalam permohonan tersebut, Hj. Ahmad adalah Pemberi Hibah Amanah, Hjh Aminah dan Muhammad adalah Penerima Hibah Amanah dan wang simpanan Hj. Ahmad adalah Harta Hibah Amanah. 

Hj. Ahmad juga merupakan Pemegang Amanah dan beliau boleh menggunakan Harta Hibah Amanah untuk faedah dirinya, membuat urus niaga dan mendapat semua manfaat yang berkaitan dengan Harta Hibah Amanah tersebut selama mana beliau masih hidup. 

Hj. Ahmad kemudiannya meninggal dunia. 

TH bertindak sebagai Pemegang Amanah Gantian yang bertanggungjawab untuk melaksanakan pembahagian dan pembayaran Harta Hibah Amanah selepas kematian Hj Ahmad kepada Hjh Aminah dan Muhammad mengikut kaedah pembahagian dan syarat-syarat sepertimana yang dipersetujui.

Kematian Penerima Hibah Amanah


Hj. Rosli merupakan pendeposit di TH. Beliau berhasrat untuk menghibahkan 100% wang simpanan beliau di TH kepada Rahman. 

Di dalam permohonan tersebut, Hj. Rosli adalah Pemberi Hibah Amanah, Rahman adalah Penerima Hibah Amanah dan wang simpanan Hj. Rosli adalah Harta Hibah Amanah. 

Hj. Rosli juga merupakan Pemegang Amanah dan beliau boleh menggunakan Harta Hibah Amanah untuk faedah dirinya, membuat urus niaga dan mendapat semua manfaat yang berkaitan dengan Harta Hibah Amanah tersebut selama mana Rahman masih hidup. 

Rahman kemudiannya meninggal dunia terlebih dahulu sebelum Hj. Rosli. Harta Hibah Amanah yang dihibahkan tersebut menjadi harta pusaka Rahman walaupun Hj. Rosli masih hidup. 

Harta Hibah Amanah tersebut akan dibayar sepenuhnya (100%) oleh TH kepada waris Rahman mengikut surat kuasa mentadbir yang perlu dikemukakan oleh waris Rahman apabila membuat tuntutan berdasarkan baki simpanan Hj. Rosli pada tarikh kematian Rahman.

Sekiranya anda ingin mendapatkan khidmat nasihat atau peneranan percuma mengena konsep dan practical hibah dalam pengurusan harta pusaka. Anda boleh hubungi saya di www.facebook.com/azizriadi atau whatsapp https://api.whatsapp.com/send?phone=60193232121

KEMBALI KE ARTIKEL PENGURUSAN HARTA PUSAKA & HIBAH

Paper Article : Business surviving death of owner

Business surviving death of owner

FOR most business owners, business interest tends to form a very major part of their overall assets value.
As such, comprehensive estate planning would be incomplete without consideration on how you can ensure that your interest in business is properly protected and smoothly transferred to your heirs in its highest value.
Business succession planning goes beyond just writing a will to make your wishes come true. There is a popular old saying that professes “businesses and wealth will not survive more than three generations”.
Most of the time it is due to personal conflicts and no proper comprehensive financial and estate planning.
Your business interest is not unlike investments in the stock market. The only difference is that in the stock market, you invest in other people’s companies whereas with yours, you invest in your own companies. If we can spend time and effort in getting the best investments in the stock market, it would only be rational to spend time and effort in ensuring that the investments in our own companies are in order and give the best values to our heirs.
Proper planning for business interest is not only important for its monetary value. In most cases, a business represents a business owner’s lifetime efforts and success. A smooth transition and succession of business can instil confidence in other stakeholders such as the employees, suppliers and customers. With proper planning for business interest as death, one can ensure that his lifetime effort and success will continue to prosper in his absence.
However, protecting and distributing business interest through estate planning is not as straightforward as that for other assets. For assets like fixed deposits, CDS accounts or unit trusts, beneficiaries can be named in the will, and they will enjoy the benefits quite easily. The full value of a business interest is not so easily or fully realised. Getting fair value out of the business is challenging enough when there is time to plan and exit during lifetime. In the case of death, it is worse because it removes the most critical element from the planning process — time.
Types of business interests
There are three types of business ownership in Malaysia namely sole proprietorship, partnership and corporation.
It is important to understand clearly the differences between the types of business interest as each has different legal implications at the owner’s death. A sole proprietorship is a business owned and operated by one person. It is a business entity of which existence is not separated from the owner. As such, the death of the owner also means the termination of the business. The business interest is not passed immediately to the heirs. It has to undergo a long and tedious process of administration or probate.
Case study — Mr Lee, who was in his late 30s, owned a successful accounting practice as a sole proprietor with a staff of six non-professionals. Although the business’ monthly overheads were as high as RM40,000, he could easily draw RM20,000 per month from his practice. Mr Lee was a sole proprietor without any partner in the business. He asked his wife to stop working as a secretary so that she could spend more time with their children. One day, while driving to Sibu, Mr Lee was hit by a lorry and was killed instantly. His death brought tremendous financial problems to his family.
Clients who needed accounting and taxation services switched to other accountants after Mr Lee’s death. Sadly, he had outstanding house mortgages without a mortgage cancellation insurance policy.
He only owned a RM50,000 policy without the beneficiary named. Upon his sudden death, all his personal and business accounts were frozen and his staff unable to receive their salaries for a few months pending personal estate clearance. With fewer clients, the business’ income shrank and there were difficulties in paying overheads. His wife, not being an accountant, was not qualified to continue the business. She tried to sell it to other accountants but no one was interested.
As Mr Lee was the family’s sole breadwinner, there was no other income for his family. His personal savings could only last the family for eight months. What could Mr Lee have done to avoid this unfortunate tragedy?
Alternatives for disposal
When the sole proprietor dies, the heirs can choose one of the following alternatives to dispose of the business interest:
·The estate administrator or executor liquidates the business
·Unless authorised by the will or court order, the administrator or executor continues the business until it can be sold as going concern. In this option, the sole proprietor’s will give the power to the administrator or executor to continue the business and exempt him from personal liabilities for the appropriate actions taken during this period.
However, the administrator or executor may still be liable for any losses caused by his negligence or imprudence. A few difficulties are foreseeable during this period.
Firstly, the administrator or executor may not be experienced or familiar enough to run the business operation.
Secondly, after selling the outstanding estate liabilities, administration expenses and taxes, the administrator or executor may not have sufficient working capital to continue the business. To successfully sell off the business as a going concern, the administrator or executor has to overcome these two major challenges.
·The heirs inherit the business through the sole proprietor’s will.
In the sole proprietor’s will, the business can be transferred to the heirs as a gift. However, the heirs may not have sufficient knowledge or ability to run the business profitably. If they are not successful, they may dispose of their other estate inheritance in order to save the business. As such, the business gift may turn out to be a liability rather than an assets for the heirs.
·Sale of the business by an agreement prior to the sole proprietor’s death.
Before his death, the sole proprietor can offer the sale of his business to his employee or an interested outsider. With this option, the potential buyer enters into a contractual agreement with the sole proprietor binds his estate for sale and the buyer to buy the business at an agreed price.
Solutions
·Proper assessment of business value in comprehensive estate planning.
Among the three business forms, sole proprietorship is the most difficult to sell. It is a challenge to place a proper value on a sole proprietorship business due to lack of market and automatic winding-up death.
As such, it is important not to overestimate the value of the business in your estate planning because it may underestimate the cash flow needs at death. Due to the different nature of business value, it is important to have a competent estate planner to help assess your business value, as he would be able to highlight the probable shrink-age in its value under different circumstances.
·Update your will to give your executor the power to continue or sell the business.
This extra flexibility would provide more options in deciding what is best for the heirs. Without the power or instruction, the executor is not likely to try anything other than winding up the business as soon as possible. This is due to the fact that the executor is bound by law to protect the assets in the estate. If the heirs are interested in continuing the business, you may want to instruct the executor to transfer the business to then
·Look for a successor owner in key employees.
·As an alternative it is important for the sole proprietor to put in some effort in identifying potential successors and preparing them to take over the business one day. Get the prospective successor involved in the day-to-day operations to give him the exposure and needed experience. You can enter into a contractual agreement with him to buy over the business after your death. You may even want to sell your business to him when you want to retire.
·Look for potential buyers among professional friends.
For some professional practice like land surveyors, architects and consulting engineers, sole proprietor can actually look for another friendly professional to enter into a buy and sell agreement. Such an agreement will ensure that any surviving professional will purchase the practice from the deceased professional’s estate at an agreed and fair price. This solution helps to cushion the financial impact of all the above mentioned alternatives.
·Liquidate the business.
·Unlike a partnership of corporation that has other partners or shareholders in interest, a sole proprietorship’s heirs may not realise much value from the liquidation of the business. Under forced liquidation, a loss of 40% to 90% is not uncommon. Some even face liabilities in excess of the liquidation value of the assets. Life insurance helps to compensate the estate for the losses in the business value. It guarantees your family an adequate income irrespective of the success or failure of liquidation or transfer of the business.
·Continuing the business until it can be sold as ongoing concern.
Besides settling outstanding estate liabilities, a funded buy-sell agreement provides sufficient working capital during the transition period to buy time for the executor/administrator.
·Heirs inheriting the business through the sole proprietor’s will.
A funded buy-sell agreement provides the working capital for the heirs to learn the trade and compensate for the mistakes during the transaction period. It gives a better chance of proper succession of sole proprietorship business.
·Sale of the business by a buy-sale agreement prior to death.
Even if there is a contractual agreement binding the buyer to purchase the business, the buyer may not leave the necessary funds to settle the purchase price when the business owner is dead.
As such, the interested buyer can purchase life insurance an the life of the sole proprietor, which will provide the funds needed for the purchase of the business when the time comes. A similar approach can be adopted for partnerships and corporations.
Question and answers
What if I have no beneficiary to give to?
You may wish to consider paying back to society by giving to your favourite cause, such as education, medical research, charity or religious body of your choice.
Why do I need to when I do not have many assets anyway?
It is all relative. Regardless of the value of your assets, they are important to your loved ones especially those who depend on you.
Writing a Will is about creating a legacy of love and protecting the little treasures you have. You can also decide the beneficiaries of your choice, when to benefit them and how much to benefit them.
Moreover, over the years your assets may grow and our will can cover future acquired assets as well as future inherited assets without re-writing it if you do not wish to do so. Besides, if you have young children, you can also appoint guardians for them through a will. And writing a will “will” ensure that your beneficiaries can inherit your estate sooner.
What if I have more liabilities than assets?
Although this may be the present situation, over the years, you would have accumulated more assets and you would still need a will to distribute them. Since a will is only effective upon death, your existing will would still serve its purpose of determining your estate distribution.


Sumber
http://www.thestar.com.my/news/community/2013/11/27/business-surviving-death-of-owner-planning-and-executing-a-business-succession-goes-beyond-writing-a/