A legal document will to safeguard that spells out your wishes regarding the care of your children, as well as the distribution your assets to your loved ones.
Yes, I am Testate with Will.
Why do I need a Legal Will?
You have the power to appoint an executor, who will administer your affairs after your death. However, it must be emphasized that you should appoint someone trustworthy and impartial to honour the terms of your will. In Peninsular Malaysia, the procedural rules on applications for Grant of Probate and Grant of Letters of Administration for the estate of a deceased, as well as the powers of executors and administrators are governed by the Probate and Administration Act 1959.
By making a will, you can also set up a testamentary trust. A testamentary trust is provided for in a will, whereby the testator appoints a trustee to manage the funds in the testamentary trust during the trust period until the beneficiary is eligible to receive the funds. Such trust will only come into effect upon your death. A testamentary trust is particularly useful if you have children who have yet to attain the age of eighteen (18). You may appoint and/or elect anyone as a trustee, but he or she should be a person whom you think will act in the best interest of your beneficiaries. Your trustee will also be subjected to the responsibilities imposed by the Trustee Act 1949. However, if the person you appointed as a trustee refuses to take on the role, another person may volunteer, or the court will appoint another trustee under Section 45(1)(a) of the Trustee Act 1949 on its own.
With a will, you may also nominate a guardian to take care for your minor children’s wellbeing. The guardian will administer your assets for your children until they attain the age of majority. Once your children reach the age of majority, the guardian must transfer all of the property to your children. However, if the children pass away before attaining the age of majority, all of the assets held in guardianship for them will form part of their estate.
The division of assets among family members sometimes entails a myriad of emotions, with most mired in animosity and bitterness. By having a will which sets out your intended desires, this may help to minimise, if not avoid, family conflicts and speculation over what you “would have” set out in your will.
Contrary to common belief, all estates must go through the court probate process in order to have the assets duly transferred to the beneficiaries, will or without a will. However, the time taken to obtain a Grant of Probate for a deceased’s estate is relatively shorter in comparison with an application for Grant of Letters of Administration.
The ability to support a charity or an organisation, even after your passing, is also an excellent reason to have a will because it allows your legacy to live on and reflect your values and interests.
No, I am Intestate without Will.
What happens if I die without a Will?
If you do not have a will at the time of your death, you are said to have died intestate. Your estate will be distributed according to a designated formula in the Distribution Act 1958 unless you are a Muslim in West Malaysia and Sarawak or is a native of Sarawak. If you are domiciled in the state of Sabah, then the Intestate Succession Ordinance 1960 will apply.
In the absence of a will, you have no say in what happens to your assets. Upon your demise, the estate will be distributed amongst your immediate family members – parents, spouse, and issues (children), allowing them to receive a percentage of your assets. However, this distribution may not be reflective of your wishes. If you do not have an immediate family member, your assets will be distributed between your siblings and their children, your grandparents, or your uncles, aunts, and their children.
There may be added pressure on your surviving spouse, family, and relatives (heirs) to spend additional time, money, and emotional energy to settle your affairs because information on your intentions was unknown at the time of death.
In the event that you do not have a will or you leave a will without appointing an executor, the court will have the discretion to grant the Letters of Administration to the person that the High Court Judge thinks fit to administer your estate. However, this may give rise to disputes between family members or beneficiaries on who should be selected to take on this role.
Without a will, in the event of the simultaneous passing of both you and your spouse, further complications may arise if your children are minors. In such an event, the court will appoint an administrator under Section 30 of the Probate and Administration Act 1959 who can act as a guardian. Alternatively, the court will appoint a guardian under Section 8 of the Guardianship of Infants Act 1961 to look after your children’s interests. However, the person appointed may not be of your preference. Similarly, family disputes may arise as to who is the most appropriate guardian.
The process to apply for and obtain a Grant of Letters of Administration will entail more cost and time, typically requiring an administration bond and the appointment of two sureties to guarantee the proper administration of the estate, as well as further court orders to effect the transfer of real property.
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Life Times Custody Service
A probate court usually requires access to your original will before it can process your estate. It's crucial, then, to keep the document where it is safe and yet accessible. Avoid storing it in a bank safety deposit box or in any other location where your family may need a court order to gain access. A waterproof and fireproof safe in your house is a good alternative.
Then let at least your executor know where the original will is stored, along with needed information such as the password for the safe. Besides, it's wise to duplicate signed copies to the executor and your attorney if you have one. The signed copies can be used to establish your intentions in case the original is destroyed or lost. However, the absence of an original will can complicate matters, and without it, there's no guarantee that your estate will be settled as you'd hoped. So store the document with care.
RHB Trustees Berhad provide Life Times Custody Service RM800/one time charge. Contact us, get more detail info.
How is trust nurtured in a family business? That identify five components of trust:
* Integrity – having a reputation for honesty and truthfulness
* Competence – possessing technical knowledge and interpersonal skill required to get the job done
* Consistency – acting with reliability, predictability, good judgement
* Loyalty -willingness to protect, support, encourage
* Openness– freely sharing ideas and information, freely allowing others access to one’s thoughts.
A family business leader who rejects accountability, refuses to share information, and defines loyalty as obedience by others, is unlikely to create a legacy to future generations. The fundamental advantage of trust will have been destroyed–and with it, the basis for successful business and family relations.
Trust becomes the new basis of the family business. A new generation with reinvigorated values and relationships can then build even greater successes on the foundations provided by the generations that went before.
A Love Letter & Terms of Endearment
Life is not measured by length,
but by the moment you leave the field,
What is the continuation of our loved?
Even if it's just a plain paper with
a palm of your hand drawn,
The warmth that can make your loved one feel…
And even just a classic line: "I Love You 3000"
Term of Endearment is the soul in the script of life. Soul Avengers End game vows.
Last Will & Testament, leave a romantic message to your loved once.