Basic Knowledge Of A Will

What Is A Will ? A Will is a document that contains Your intentions on how you would like Your assets to be distributed and To whom it should be given Upon your Death

Why You Need A Will ? You have control on the manner of distribution of your assets You may appoint an Executor of your choice to administer your assets You may appoint a Guardian of your choice for your children No sureties or surety bonds required when applying for a Grant of Probate The Probate process is normally faster than the process required for Letter of Administration (LA) The legal fees for Probate is normally cheaper than the legal fees for LA You can decide who your beneficiaries will be and when they can receive your assets and on what proportion Less traumatic for your loved ones as it will preclude others from claiming your assets and delaying the process of distribution

What Happens If You Die Without A Will ? If your assets are valued at more than RM600,000 – your family will be required to obtain two persons to stand as guarantors. These persons must have assets of the same value or more than you at the time of your death If your assets are less than RM600,000 – your family will need to put up a Surety Bond, the amount shall be decided by a Judge Your assets will be distributed according to the Distribution Act 1958 and not as per your intentions Your family will have to decide and agree upon who will be the Executor(s) or Guardian(s) of your children

Distribution Act 1958 If you pass on leaving …… This is what they will get ….. Spouse - 1/4 Spouse + Children + Parent(s) Children - 2/4 Parent(s) - 1/4 Spouse - 1/3 Children - 2/3 Spouse + Children, no Parent Spouse - 1/2 Parent(s) - 1/2 Spouse + Parent(s), no Children Children + Parent(s), no Spouse Children - 2/3 Parent(s) - 1/3 Parent(s) only Parent(s) - Whole estate Spouse - Whole estate Spouse only Children only Children - Whole estate

What Are The Contents Necessary In A Will ? Appointment of Executor(s) / Trustee(s) - To manage and administer your estate Appointment of Guardian(s) if necessary - To look after the well being of your minor children List of assets and its distribution - How the assets to be distributed and to whom Other miscellaneous instructions - Donation of organs, funeral arrangement, etc Attestation - Signing by Testator and two Witnesses

Where Should You Keep Your Will? No point of writing a Will where it cannot be located when the time comes. Make sure when you keep the Will, it … Can be found when needed No one can tamper or see the contents of it Safe from fire, burglary and flood Safe from deliberate and accidental destruction

Who Should Know You Have A Will? Writing a Will is nothing to be ashamed off. Inform your family members, especially your Executor(s) that you have written your Will and where it is kept. Don’t let your family do a treasure hunt just to find your Will when then needs arises

How Your Will Is Executed? When the time comes, your Executor(s) may need to ; Appoint a Lawyer to do the Probate Application Get a copy of all your beneficiaries’ NRIC or Birth Certificates List out all the bank accounts, property titles number, car registration, CDS numbers, businesses and all assets under your name Pay off all your debts, income tax, credit cards, loans on properties and vehicle(s)

What Is The Cost Of Executing Your Will ? Lawyer’s fees in applying for the Grant of Probate Court fees for granting the Probate Stamp Duty for transfer of properties Legal fees for transfer of properties Other professional fees, eg accoutant, valuer to value your assets

Introducing My Legacy Funded Will An innovative package where an Insurance Policy is attached to a Will to provides a hassle free execution and administration of your assets until it reaches your beneficiaries with all the expenses taken care off

What Is What is My Legacy Funded Will? Basically a wholelife non-par insurance policy where the policy will not have any beneficiaries or trustee but assigned to the Trust Company. The insurance money payout will be used to pay for all the executing expenses which include Trust Company expenses, legal fees, court fees, transfer fees of properties and any miscelleanous expenses in transferring out the assets

What Does My Legacy Funded Will Provide ? A comprehensive Will writing services by a team of qualified lawyers Will custody services Professional Will execution and administration Allocation of all legal fees for Will execution Allocation for Stamp Duty and legal fees for transfer of assets Allocation of monthly expenses during execution Allocation for funeral expenses Allocation for your children’s Guardians allowances Allocation for settling off any mortgages and loans on properties Allocation for settling off any loans on vehicle(s), credit cards balance and income tax outstanding

The Benefits Of My Legacy Funded Will Ensure that your Will is properly written Your Will is in the safe custody of a Public Trustee where it can be retrieved easily when the time comes Save your family members of the hassle of executing your Will A monthly allowance will be given to your family members to help them ease through during the execution of your Will Your family do not have to come up with a large sum of money to pay the legal fees for the execution of the Will as well as the Stamp Duty and legal fees for the transfer of properties Your funeral expenses can be taken care off To settle off all mortgages or loans owed to banks on your properties To settle any outstanding loans on your vehicle(s), credit cards and income tax repayment

What Will You Get ? A copy of comprehensive Will for your reference Four Personal Will Card for you to pass to your Executor(s) or family members for them to know where you keep your Will and to enable them to retrieve the Will when the time comes A Will Execution Handbook which will guide your family of what to do and documents to provide for the execution of your Will A yearly Personal Asset Updating booklet for you to fill in your assets and where you keep the documents for easy and fast execution of your assets

How Much Does It Cost? Insurance Premium - The premium of the insurance will depend on the estimated fees required in executing your Will based on the estimated total value of your assets, together with any moneys you wish to allocate for. Will Writing Fee and Lifetime Will Custody Fee - A one time fee of RM1,380 for the Will writing with unlimited clauses and Lifetime Will custody service at the Trust Company Rewrite Will Fee - For every rewrite of Will, a small fee of RM310 will be charged