Should I Make a Will?
Updated: Apr 6, 2021
What is a will?
A declaration of a person's intentions in relation to his property, which he wishes to be carried into effect after his death. This may even include the guardianship and custody of child.
Valid & Legal Will- Wills Act 1959
- You must be at least 18 years old
- You must be of sound mind
- The Will must be signed and in writing
- The Will must be witnessed by 2 or more witnesses
Note of Caution:
* Beneficiaries & Executors cannot be witnesses of the will
* Beneficiaries can be executors & trustees of the will
What are the Benefits of Having a Will?
1) You can choose the executor and trustee you trust
2) You can choose your beneficiaries and how to distribute your assets
3) You can choose the guardian of your children (if they are minors)
4) Having a will minimise family disputes
5) Easier, faster and straight forward
6) Reduce time and cost
7) Express your wishes for funeral arrangements
Assets to be included in Will
1) Immovable Properties
2) Movable Properties - such as cash, monies in bank account, shares, transferrable memberships, vehicles, movable furniture, jewellery, etc
3) Intellectual property - copyrights, patents, designs
4) Trust property - property which is being held by a trustee on trust for your benefit
5) Future benefits - assets which you expect to receive in the future, including an inheritance.
Note: - Advisable to list all other assets under a catch-all provision under a 'Residual Clause'
What are the Problems of Not having a Will?
1) There is an issue on who is to be the deceased's administrator
2) More family disputes to determine the intention of the deceased
3) Beneficiaries have to locate and value all your assets
4) Beneficiaries to find 2 sureties for administration bond (if assets above RM50,000)
5) Assets distributed according to the Distribution Act 1958
6) Court to appoint guardian of your minor child (if no surviving parents/grandparents)
7) Longer process & more costs
There are a lot of complications and issues involved in writing a valid and proper will. If you have any doubts, please feel free to give us a call and we are glad to assist you in further.