LAST WILL AND TESTAMENT
- WHAT IS A LAST WILL AND TESTAMENT?
A will is a legal document that sets forth your wishes/intentions regarding the distribution of your property and the care of any minor children. If you die without a will, those wishes may not be carried out.
- WHY IS YOUR WILL IMPORTANT?
You may think that only the very wealthy/rich or those with complicated assets need wills. But, in actual fact, everyone needs a will, here is why:
- You can be clear about who gets your assets. You can decide who gets what and how much;
- Your beneficiaries will have a easier and faster time getting access to your assets;
- You can choose your trustee and executor to administer your estate;
- You can identify who should care for your children/minors/disable child. In which, the courts will decide if there is no will.
- You can also give gifts and charitable donations;
- You can keep your assets out of the hands of people you don’t want to have them.
- WHAT MAKES YOUR WILL A VALID ONE?
In Malaysia, you have to comply with the formalities stated in Section 5 of the Wills Act 1959 when writing your will. It is stated as follows:
- You, the will maker must be at least 18 years old;
- You must be of sound mind;
- Your Will must be in writing;
- You must sign the Will in the presence of 2 witnesses.
- WHEN SHOULD YOU WRITE A WILL ?
You should write a will when :
- You purchased of new properties;
- You are married, separated, divorced, remarried,
- You/your spouse gave birth of new child, or you adopted new child,
- You convert to Islam;
- Your appointed executor, trustee or guardian dies or is unable to act as such;
- The size of your estate changes significantly.
- WHAT IS COVERED IN YOUR WILL?
All your belongings (within Malaysia and abroad) such as :
- Real property: land and buildings, residential, commercial, industrial or agricultural properties;
- Personal property: cash, bank balances, shares, transferrable memberships, vehicles, movable furniture, clothing, jewellery, books, camera equipment, computer equipment;
- Intellectual property: copyrights, patents, designs; business registration;
- Future benefits: assets which you expect to receive in the future, including an inheritance.
- Trust property: property which is being held by a trustee on trust for your benefit;
- WHAT HAPPENS IF YOU DIE WITHOUT A WILL?
- Your assets will be distributed according to the Distribution Act 1958, and not according to your wishes.
Gengeys & Co offers you a personalized will writing service. Our lawyers will answer your questions, advise you and help you to write your will to suit your wishes.
We hope you find the information helpful.
This article is for general informational purposes only and is not meant to be used or construed as legal advice in any manner whatsoever.