Objective:
Even though you are a couple without children, having an estate plan can take care of your own well-being. It is not only about distributing assets after death but also about taking care of yourself in the event of incapacitated.

The Solution:
Rockwills provides specialized Will Writing Services which enable you to specify how you want your assets to be distributed when you are no longer around.

Rockwills also provides trust structures such as Long Term Care Trust, Parent Maintenance Trust, Spouse Maintenance Trust, Insurance Trust, Pets Trust or trust structure for any other specific purpose.

How the trust structure Can Help You:

• Choose your beneficiary.

If you are passing without a Will, your assets will be distributed according to Malaysia Distribution Act 1958. In this situation, your spouse is not the only beneficiary to your assets. Your surviving parents and your spouse will have an equal share over your assets. If subsequently your parents passed on without proper arrangement on those assets inherited from you, someone you do not wish to benefit from your assets might ultimately have a right over your assets.

By having a valid Will, you can designate your spouse as the primary beneficiary of your estate. This means that your assets, including property, investments, and personal belongings, will pass directly to your spouse upon your passing. This can ensure that your spouse receives the intended inheritance and is financially protected.

• Protect and take care of your surviving spouse.

By having a valid Will in place, you can include specific provisions in the Will to provide ongoing financial support for your surviving spouse. This can be done by establishing a Spouse Maintenance Trust or Insurance Trust or Declaration Trust, such as a fixed sum of money or regular distributions, to ensure your surviving spouse’s financial well-being.

Spouse Maintenance Trust also can be structured to provide privacy and confidentiality regarding the trust assets and income. This confidentiality provides a layer of protection for your surviving spouse, it reduces the potential risk of them falling victim to financial scams after your passing.

• Avoiding dispute from both husband-and-wife family

In the event of common tragedy and both you and your spouse passing without a Will, there is a potential of dispute from both husband-and-wife family, especially on your joint name assets, such as property, business, bank account, and investments.

A well-drafted Will is important to reduce the likelihood of disputes arising over your assets. One of the important factors to consider is to ensure that your assets are distributed fairly and equitably among all your family members. You need to consider everyone’s needs and circumstances, then only designate specific beneficiaries or allocate assets in a manner you believe reflects your value and intentions.

• Incapacity Planning

Estate Planning involves more than just distributing assets after death. It also includes planning for potential incapacitation.

By setting up a Long-Term Care Trust, you can name yourself as the initial trustee and appoint Rockwills Trustee Bhd as a successor trustee to take over your assets in the event of your incapacity. The successor Trustee can then manage your assets according to the instructions you’ve provided in the trust documents.

This enables you to ensure that your finances and property are handle according to your instructions, your wishes regarding medical treatment, finances, and overall care are respected and followed.

• Continuity Support to Your Parents

By setting up a Parent Maintenance Trust, you can ensure that your parents’ care and support will continue uninterrupted even if you become incapacitated or pass away.

You can set aside specific assets or funds to be used for the care and support of your parents as they age.

You can serve as the initial trustee, maintain control over the trust assets, and appoint Rockwills Trustee Corporation as successor trustee to take over if you become unable to fulfill your duties.

• Choose Your Executor

When you write a will, you can appoint an executor who will be responsible for administering your estate and carrying out the instructions outlined in your will.

Choosing a responsible and impartial executor can help ensure that the distribution of your assets is handled fairly and in accordance with your wishes, minimizing the potential for family disputes.