- Why make a Will ?
Not making a will can cause months or years of grief for your beloved ones.
Ensure that your possessions will be distributed as you wish. If you die without a Will, the law decides how your estate will be distributed. Although some property will automatically be passed to a spouse or children, exact distribution depends on the value of the property and the terms of title deeds. A Will is the only way to ensure that your wishes will be carried out.
Appoint and outline powers of an Executor and/or Trustee. Writing a Will allows you to decide who will oversee and manage distribution of your estate. Designating a trustworthy and impartial Executor provides peace of mind that the terms of your Will will be honored. See the section on Naming an Executor under Legal Information for more details.
Appoint a guardian for minor children. Your Will serves as the legal guiding document for care of minor children in the event of the death of both parents. See the section on Naming Guardians under Legal Information for more details.
Specify funeral wishes. Specifying your funeral wishes in your Will reduces stress for loved ones and ensures your body will treated in the way you desire (e.g. burial vs. cremation).
Expedite the legal process. It is generally faster and less costly to settle an estate with a valid Will. Reducing legal fees protects the value of your property and savings to be passed to beneficiaries.
Reduce stress and heartache for loved ones. A Will that clearly outlines your wishes for funeral arrangements and property distribution will reduce confusion and family disagreements during a stressful and emotionally difficult time.
- What can I write in a Will ?
If you have children or step-children under 18, you should choose who will look after them and ensure there are funds to help.
The law doesn't really recognise this, so don't expect anything to go to your partner if you don't make a will.
You may want to update your will to include what happens to your assets if a previous partner remarries.
Decide what should happen to family pets.
Specific funeral plans
If you know what you want your funeral to be like, you can detail it so that your family doesn't have to make the decisions.
‘Joint tenant' mortgages automatically pass to the other owner. If you've a ‘tenants in common' mortgage, it's important to say what happens to your share of the house. If you own a property overseas, inheritance laws may be different to the Malaysia.
Change in circumstances
Update your will when you marry, divorce or have kids.
If you're a sole director, it's possible that if you die without executors, nobody can authorize payments (including to staff), so your business could collapse.
- What happens if I die without a will?
If you die without a valid will, you'll become what's called intestate. That usually means your estate will be settled based on the law that outline who inherits what. Probate is the legal process of transferring the property of a deceased person to the rightful heirs.
Since no executor was named, a judge appoints a executor to serve in that capacity. Executor also will be named if a will is deemed to be invalid. All wills must meet certain standards such as being witnessed to be legally valid.
Executor will most likely be a stranger to you and your family, and he or she will be bound by the letter of the probate laws of your country. As such, Executor may make decisions that wouldn't necessarily agree with your wishes or those of your heirs.
- How much does it cost to make a will?
During this limited promotion period, writing only cost RM 299.000/each. No any other hidden cost involved.
- What is common practice in Malaysia?
The simplest and most common situations related to asset distribution are summarized below. If one of these descriptions applies to your situation, and your estate is below the threshold limit described above, you may be a good candidate for doing your own Will.
• Most married couples with children divide assets between the surviving spouse and children. After a spouse’s death, the surviving mate will typically divide assets among their children in their Will.
• Single parents typically divide assets among their children, and name guardians for minor children.
• People without children often leave their estates to their spouse, significant other, relatives or friends.
- When should I update my Will?
You should review your will every 5 years and after any major change in your life, eg:
• getting separated or divorced
• getting married (this cancels any will you made before)
• having a child
• moving house
- How and when will I receive my Will?
1. Only upon completing payment, your preparation processing will be only stated upon payment.
2. You will receive your Will base on delivery mode selection,
(a) Email - in 3 working days.
(b) Postal - in 7 working days. (Will be available soon)
3. Failing to complete payment in 30 days will cause your form and data to be removed competely.
4. A url link will be email to your email address to enable you to edit your will in future.
IMPORTANT NOTE: Ensure valid email address is provided on the personal details page.
Anyone receiving a gift or benefiting from a Will.
Is the total value of everything you own at your death, less any outstanding commitments.
- Executor(M)/Executrix (F)
These are the people who'll look after the financial process when you die. Try to choose a responsible and trusted friend or relative, who can think clearly in a troubled time.Alternatively some name a bank or solicitor, though they often charge monstrous fees (and can add themselves automatically), so make sure you only allow this if you've chosen it for yourself
They're also the people who will sort out finances – such as paying off the mortgage and/or other debts out of your estate (see what happens to debts when you die). One useful tip we've seen recently is to even include internet passwords in a will so that your executor has access to all of your online accounts.
Executor Responsible for
• Locate your Will • Make funeral arrangement • Apply for a Grant of Probate (GP) • Call in assets • Pay remaining debts • Prepare Statement of Accounts • Distribute assets according to your Will • Carry out your wishes mentioned in your Will
Person who has not created a will, or who does not have a valid will at the time of death.
Testamentary gift of personal property, traditionally of money. Note: historically, a legacy has referred to either a gift of real property or personal property
Legal process of settling the estate of a deceased person..
A person who is making a legal declaration (the maker) of his Will or Testament to name one or more persons to manage his or her estate and provides for the distribution of his or her property at death.
an arrangement you can make in your Will to administer part of your assets after your death. You can only make a limited Trust (To make a Nil Rate Band Discretionary Trust) on this website. For more complicated Trust provisions, you should contact a local Solicitor (See one of the solicitors listed).
Two witnesses must see you sign your Will and you must also watch both of them sign it. They must also watch each other sign the Will. No beneficiary (or their spouse) should sign the Will; if they do, any gift to them or their spouse will be invalid and will fail.