Administration of the deceased’s estates: an analysis to the effect of nomination
In the administration of estate, the asset related to nomination is governed under the nomination rules set by the different authorities, which gave rise to several nomination effects. Some of these nomination prevents the asset to be distributed to the rests of beneficiaries, other than the nomin...
Saved in:
| Main Authors: | , , , , |
|---|---|
| Format: | Conference or Workshop Item |
| Language: | English |
| Published: |
Future Academy
2018
|
| Subjects: | |
| Online Access: | http://irep.iium.edu.my/68948/7/68948_ADMINISTRATION%20OF%20THE%20DECEASED%E2%80%99S%20ESTATES_complete.pdf http://irep.iium.edu.my/68948/ https://www.futureacademy.org.uk/files/images/upload/UUMILC2017F020.pdf |
| Tags: |
Add Tag
No Tags, Be the first to tag this record!
|
| Summary: | In the administration of estate, the asset related to nomination is governed under the nomination
rules set by the different authorities, which gave rise to several nomination effects. Some of these
nomination prevents the asset to be distributed to the rests of beneficiaries, other than the nominee. Other
nomination effect grants the authority to the nominee as an administrator to that particular asset, without
considering the capacity and ability of such nominee in distributing the asset. While the purpose of
nomination is to ensure a quick and smooth process in extracting the deceased’s asset, the differences in
the nomination effect tend to cause confusion, leading to disputes between the nominee and the
beneficiaries in claiming the ownership of the estate. This paper discusses the position of the asset under
nomination through the analysis of provisions under the Islamic Financial Services Act 2013 in relation to
the administration and the distribution of the deceased’s estate. The research is conducted through the
means of a library-based method which utilises written materials in several sources including journal
articles, statutes, textbooks and cases. The finding in this study indicates that the lack of control by the
institutions over the nomination process has led to the adverse implication involving the disputes between
the parties. It is therefore suggested that the lawmaker needs to amend the nomination rules in order to
harmonise the rights of the nominee and the beneficiaries of the deceased’s estates respectively.
© 2018 Published by Future Academy www.FutureAcademy.org.UK
Keywords: Administration of Estates, Nomination, Islamic Financial Services Act 2013, Administrator, Takaful, Conditional
Hibah. |
|---|