1. Basic Knowledge Of A Will

2. 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

3. 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

4. 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

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

6. 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

7. 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

8. 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

9. 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)

10. 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

11. 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

12. 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

13. 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

14. 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

15. 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

16. 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