Writing a Will

Recently the there was a news that a total of RM1.5 billion of assets were left behind by people who died without a will or intestate. Beside there are many complications when someone died without a will. The surviving benefit(s) has to obtain a letter of administration from the Land office, and this usually takes any time from 2 to 3 years.

To ensure your assets are distributed according to you will to the rightful beneficiaries you need to write a will. It may seem unimportant when you are young and healthy, but you never know whether you will get into an accident or heart attack and leave this world suddenly.

There are many professional services for will writing like Public Trust, Rockwill, and in fact many financial service institution provide such service.

Guide lines for a will

· Anyone aged 18 and above is eligible to get a Will written.
· Information required: person’s assets, names of beneficiaries, details of executors /guardians (if any) and instructions on how the assets should be distributed.
· The Will can be hand-written, typed or printed, and in any language.
· Two witnesses must be present at the signing of the Will
· The Will takes effect only upon death.
· It is revocable before your death when:
a. You (re)marry.
b. You make a new Will
c. You convert to Islam
· Choose carefully who you want to be the executor(s) of your Will. The ideal number is two although you can have a maximum of four.
· If you are unable to find a suitable executor, you can name a trust corporation to act as executor.
· If you have young children, appoint a personal guardian for them, especially if you feel your spouse is incapable of looking after them.
· You may choose a different person to handle financial matters.
· Having joint property or joint bank accounts with your spouse does not mean that he or she will automatically inherit your half share if you die intestate.