What is a will?
A will is a legal document which outlines how a person intends to have his/her estate distributed and/or other matters to take effect after his/her death.
Why a will is needed?
What makes a will valid?
To make a valid will, the testator (will maker) should;
What are the formal requirements in Section 5, Wills Act 1959?
Can I will all my movable (e.g. cash) or immovable (e.g. house) assets in Malaysia as well as outside Malaysia?
The movable assets within Malaysia and outside Malaysia can be willed away. So can the immovable assets within the country.
However, for the immovable assets outside Malaysia, it is advisable to write another will for that particular property because the law governing immovable properties can vary from country to country.
Can my will be revoked by a divorce?
A will cannot be revoked by a divorce and it is therefore advisable to rewrite the will when one is divorced from his/her spouse.
Is my will revoked upon marriage?
Yes, a will is revoked upon marriage unless there is a 'Expectation of marriage' clause in the will.
What do you mean by 'Expectation of marriage'?
When a person gets married, his/her will is automatically revoked unless he/she intends to marry a particular person mentioned in the will. In this case, the will will not be revoked even after marriage to this particular person.
Duties of An Executor
How many executors can I appoint?
Minimum 1 to maximum 4.
Can my executor or trustee abscond with my money?
Of course he can. It is therefore important to select your executor or trustee carefully. Alternatively, you can use a trust company, such as Rockwills Trustee Berhad.
Can a foreigner be appointed an executor or trustee?
Yes, but you should consider whether it is practical to do so (for example how long will he stay in this country?) A levy may also be imposed on a foreigner.
What is the age for a minor requiring a trustee?
A trustee is required as long as the minor is below 18 years of age.
Duties of a Trustee
What is the age for a minor requiring a guardian?
A guardian is required as long as the minor is below 21 years of age.
Duties or responsibilities of a Guardian
What is the minimum age to be executor, trustee or guardian?
21 years old
Can a beneficiary be an executor, trustee as well as guardian?
Yes, he can.
Can an executor, trustee and guardian be the same person?
Does a person need to pay estate duty in Malaysia after his death?
No. Anyone who dies on or after 1st November 1991 is not subject to any estate duty in Malaysia.
Witnessing Your Will
When you sign your will, the Law requires that you get 2 witnesses to witness your act of signing the will together at the same time. However, your witnesses must not be:
It is advisable to get someone who is:
However, it is not required by Law for the witness to know the content of the will or your wealth distribution details. You may however let them know that you are preparing this important document to protect your loved ones.
When do I need to rewrite my will?
If any of the following happen to you....
However, in accordance to our statistics it is advisable to review your will every 2 to 3 years.
Does my will need to be stamped or sealed?
A will does not need to be stamped to be valid while sealing is just for confidentiality.
Can I write my own will?
Yes, the law allows every ones to write his/her own will provided he/she comply with the Wills Act requirement. However, it is advisable to seek some professional advices so that the drafted will is valid and good enough to ensure it stand up to any court dispute
Who do I see to make my will?
Just give a call and our experience Professional Estate Planner who provides FREE home service can help you draw up your will in your office or the comfort of your home and ensure that your will is legally binding.
Why write will with Rockwills?
Established in August 1995. Rockwills is the No.1 Professional Will Writing and Will Custody company in Malaysia. As Jan 2017, Rockwills has track record written more than 200,000.00 wills.
Who can keep the wills safe?
We believe that writing a will is only one side of the coin which is equally important is the safe keeping of the will.
Hence, Rockwills also provides will custody package that include safe keeping, annual updating assets and liabilities, annual reminder and discount on rewriting.
How long does it take to draft a will?
If all the information are given, your will should be ready within 2 to 3 days
Urgent will can be done within 24 hours.
For detail, call Rockwills at 03-7958 1993 or Contact us
What is Trust?
It is a legal instrument, usually written in a Trust Deed, for the Settlor (Trust maker) to provide instructions to the Trustee to use the trust assets to provide for his Beneficiaries.
Types Of Trust
Advantages of a Trust
Points to consider when setting up a Trust
Difference between Will and Trust
Different Between Living Trust vs Testamentary Trust