Will
What is Will?
Why the Will so important?
That is because,
- It ensures that your assets are distributed in the exact way you want.
- It protects your loved ones from financial risk or even financial ruin.
- It protects your loved ones against having the state decide on the distribution of your estate.
- Life insurance in legacy planning protects your loved ones financially and allows them to maintain their standard of living in the event of your death.
- It is especially important for individuals who are business owners or have property that requires management.
The Requirement
To Apply a Will
In Malaysia, a valid will must meet the following requirements:
- For Malaysian citizens 18 years and above，
- A person of sound mind,
- Record the contents in writing and sign,
- 2 Witnesses
Will tips
1. Identify your goals
Clearly define your objectives for legacy planning - Are you focused on financial security, philanthropy, education, or a combination of these? Having a clear sense of purpose will guide your decisions.
2. Determine heirs and beneficiaries
Decide who exactly will inherit your assets and how they will be distributed. Be sure to consider the needs and aspirations of your beneficiaries while aligning them with your values.
3. Compile a list of your assets
Create a comprehensive inventory of your valuable assets, including financial accounts, properties, personal belongings, and intellectual property. This inventory will serve as a roadmap for your legacy planning strategy.
4. Consult a legacy planning advisor
Engage with professionals who specialize in legacy planning. They can help you navigate the financial, legal, and emotional aspects of crafting a comprehensive plan.
Frequently Asked Questions
A will allows you to have control over the distribution of your assets. You are free to choose the beneficiaries who will benefit from your estate and determine their respective shares in your assets. You have the power to appoint an executor, who will administer your affairs after your death.
Have: In about 4-6 months, you can obtain the probate certificate – apply for the estate administration certificate
Don’t Have: It takes up to a year or several years (Letter of administration)
First, the consent of the beneficiaries must be obtained. If there is no will, at least one administrator must be appointed with the consent of the other beneficiaries. Without unanimous consent, the application for a court order cannot be initiated.
After all beneficiaries have reached an agreement, the estate administrator needs to find two sureties to provide the judge with an administration bond.
The greater the value of the estate, the more difficult it will be to find sureties who can provide the bond, which will again delay the application for a court order.