EPF is the default institutionalized forced savings imposed on all working Malaysians. For many who succeeded in building their "golden eggs" stash for their golden years, the question that has crossed one's mind will be whether oneself or our loved ones can resist the temptation to splurge when EPF releases control.
A recent article in a local daily has raised the alarm and concerns that, it is not those needing the money but rather those who are still earning, that have made hasty withdrawals for spending in the present on non-emergency expenditures. URL: The cost of early EPF withdrawals: Regrets and lessons (msn.com)
So whether or not your nominee or, for that matter, even yourself shall fall into this risk group, there is a sure way to address this concern by using a Nominee Trust or Standby Living Trust.
Do feel free to contact us (+6011-5929 4389) for a no-obligation and no-charge basis consultation for an in-depth explanation of how either of these trust structures can be used effectively to address and resolve this matter.
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