Same thoughts. After all that lengthy sales talk, how much issit? I am interested too.

Not sure about Rockwills but for OSK Trustees it's as follows;

The charge starts from RM380 (12 clauses) + One year custodian service RM100.00. Lifetime custodian service is RM800.00. Subsequent revision/re-writing of the will start from RM300.00 (1-6 clauses) onwards.

Basically the charge is dependent on the number of clauses you have in your will as the more clauses would mean a more complete will as well more instructions.

One thing I would like to know.
What if the trustee out of business liao or non-existing already?

What happened to the will?
If the trustee out of business, then who will execute the will?

As some may under life-time custodian after writing the will, but trustee may not existance life-time due to whatever reason.

Cherroy,

Trust corporation such as OSK Trustees enjoys perpetuity & is governed by the The Trust Companies Act 1949 hence when one is wound up another trust corporation is appointed to take over the role it was carrying out.

Apart from that, in the case of OSK Trustees being backed by a bank would also see Bank Negara getting involved should this event take place.

I hope this answers your question.

Cheers,

HH

Guys you don't need a lawyer or a trustee unless you have a real fortune and it's really so diversified that it's hard to take care of personally. Why make other people rich?

This post has been edited by wodenus: Sep 6 2010, 02:52 PM

Ok thanks for the info

How to do it, without going through the hassle of LA without will one.

I have close relative facing this kind of issue before, father passed away suddenly without will. Properties, car and accounts are stucked for years, before getting LA to clear.

So what the advice for this kind of issue.

No need really to employ trustee or lawyer. One just need to write a simple will and appoint an executor supplement with 2 witnesses signing the will; where the executor and witness cannot be beneficiary and beneficiary's spouse. When someone pass away, the executor just need to present that will to the probate office.

If there's no contention or objection to that will, the assets would be divided according to it. It would still take time to clear the case; but even with a proper trustee and lawyer assigned as executor, it's the same procedure.

Only difference is those guys knows the procedure better than normal people like us, so it's a smoother process. But basically it's the same processes.


p/s: I think this is part of the CFP module on will writing. So anyone whom attended that might be able to relay it even better than me or correct my point if I'm wrong.

This post has been edited by b00n: Sep 6 2010, 09:31 PM

The beneficiary can also be the executor. Only requirement is must be above 18 years. Seriously, if one really wants to write a will, do consider professional services rather than DIY unless you know the law inside out. It is not too expensive and usually, you only write it once unless change in marital status

Majority people especially middle class one have simple will aka their asset like properties, money in account want to pass to whom only.
So if the simple will is valid and hold ground, then there is really needless to appoint an external services, unless one is wealthy enough, and a few couple hundred or thousand doesn't matter.

Just want the execution of will and asset passing is quick enough to prevent hassle for the benefiery or family members.
The least I want to see, if I passed away, is that create problem for my family members, and money in the banks, assets cannot be owned by them and utilised.

I had seen how some family stuck with properties under the death person name, car cannot renew the roadtax etc, those kind of hassle thing which take year or years to solve with LA.

Even with grant of probate, it will takes about 6 months to obtain it. For LA, it may takes a long time. I don't think there are any quick ways.

Sometimes, writing a simple will is not enough. There are many things to consider such as whether a living trust is necessary, guardianship if minor is involved etc.

I am also in a dilemma of deciding whether to draft a will or a trust to distribute my estate in the event of my passing.

It looks like to bypass the lengthy period getting the grant of probate from the court, the way to go is the creation of a trust.

Have anyone here created a trust and how much is the setup cost and administration fees?

Thanks! It is quite affordable. How do you define clause? Is it by each object?

e.g. I want to pass my car and motor to my wife. 1 clause? or 2 clause?

Wills act is here :

http://www.google.com.my/url?sa=t&source=w...y2Ef_6A&cad=rja

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Added on September 7, 2010, 1:40 pm

Yes but WHY do you want to spend the money and have to worry about how to define clauses? I don't understand this, it's another example why people seem to want to spend money unnecessarily.

Just tell me why because I do not understand why. What makes OSK or Rockwills better at managing your money than you?


This post has been edited by wodenus: Sep 7 2010, 01:40 PM

There are various types of trusts & setting up a trust is a good however do note that the trust cannot have assets with outstanding loan etc. At OSK Trustees, the setting up one could cost you from RM1K onwards with annual administrative costs of 2% (asset value) annually.

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Added on September 7, 2010, 5:38 pmThat would be 1 clause. Yes, you're right, a clause is defined with reference to the subject or gift.

You could also say you're giving all your motor vehicles to your wife.


This post has been edited by HHalphaomega: Sep 7 2010, 05:38 PM

Reason is simple. Each extra clause cost money. As simple as it is .

lara_, I like your answer.

First it is not a lot of money, secondly the appointed executor might not have time or equipped experience to execute the asset transfer. It is heck a lot more trouble than u imaging, if the deceases person have more asset.

I wrote my Will at early as age of 26 with one of my rockwill writer senior friend, with the executor being one of my family member follow by another family member should the first one is not available, plus with an option to allow rockwill to appoint a professional to execute for my family if they opt for it.

A simple Will cost only RM500-800 1 time cost until you married(YES any WILL will become invalid once you married/remarried), you are not a lawyer, any wording can be mean something else vocabulary. So it is better to get a professional WILL write. Remember get the best ones. As long as put like "all asset xx% belong to Mr.XXX", going this method should fairly simple & straight forward and the WILL will still be valid as your asset grows. RM800 is not a lot of money for the amount of asset you have. Write now b4 the cost of writing WILL increase.

And there is an option that companies like rockwill offer ustodian service for your lifetime for a fee.(usually RM800) It is better this way than keeping yourself. Besides you need your Will to be Legally binded. You cant write a simple draft and claim that is your WILL. Your greedy family member will claim that is invalid.

This post has been edited by billytong: Sep 8 2010, 01:59 PM

If we have a house with loan outstanding and we have no will, what will happen to the house on our passing? Who should continue paying the installments if we do not buy MRTA? Can the wife or the kids continue to rent it out for rental income? Who is entitled to collect the rent?

And, who should we approach to write a will? Out of Rockwills, OSK and Public Trustee, which one is recommended?

Thanks

i have not

I am sure there are minor details or pitfalls that normal person would not know about so i would not want to risk that. For example, if the deceased have an unmarried daughter and that daughter is not listed in the will, that will can be declared void. Likewise if the deceased hated his wife and did not leave her anything, that will can also be declared void.