True, but we are talking about average normal families. I understood that complications would arise when there's a 3rd party to challenge the will. However, if there is non and one's asset is nothing to shout about; I meant a simple will would do. Then again, it's up to anyone's preference.

My granddad's will is self written. However, we get a family lawyer friend to help execute it. One can easily search up the web for will template. Anyway, like cherroy mentioned (which I agreed also), will writing is only the tip. IMO, execution is one that needed the most headache.

Thus I do agree that these trustee agency does comes in handy for will safe keeping. But then again, there's a lot out there who couldn't really afford such services; thus it's still educational for one to write their own will although they can't afford. Many had the misconception that they need will writers or lawyers to draft wills which is generally not correct.

Thats right, I agree with you. It is funny that people can spend a thousand on handheld devices, gadgets. I dont believe that saving 100 bucks a month for 2 years is to enough.

WILL is a 1 time fee. I still cannot see how expensive it is when it is valid for a person's whole life. This thing do not cost tens of thousands if a person write a simple one. Get it done in a proper way professionally. Regardless of whatever I still do not agree with DIY will. There is heck a lot of trouble to go through which simple not worth saving that small amount of money.

This post has been edited by billytong: Sep 8 2010, 08:11 PM

Legally the banks owns the house until the loan is settled which is why it's a good idea to purchase MRTA or MLTA beforehand.

You can approach any professional will writers for your will. In Malaysia Rockwills & OSK Trustees are the most commonly sought. Rockwills is a Sdn Bhd whilst OSK Trustees is trust company.

Normal people have wife and daughter. So we are talking about normal family. Wife HAVE to be mentioned in will, even if you hated her and leave her with RM1, otherwise the will is invalid.

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Added on September 9, 2010, 8:08 amSo what are the differences between a Sdn Bhd and a Trust that we should be aware of?


This post has been edited by Optiplex330: Sep 9 2010, 08:08 AM

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. The same cannot be applied for a Sdn Bhd.

So it's obvious it is better to have the will done by the Trust and not the Sdn Bhd?

Anything else you can tell me on how to pick the right company to write the will? Thanks

This post has been edited by Optiplex330: Sep 9 2010, 08:31 AM

Well yes it would be better to have a trust corporation for this especially if you're appointing them as executors etc.

Apart from that I would say perpetuity, the cost & quality of service would be the other areas you can explore.

I think nowadays some bank also provided will service. How do they compare to Trust?



This post has been edited by Optiplex330: Sep 9 2010, 08:58 AM

It again depends on whether they've created a trust company as their part of their business or not. If they have then being backed by a bank would also see Bank Negara getting involved to ensure perpetuity as in the case of OSK Trustees. I think Maybank has this as well.

So it seems for getting wills done, the No.1 preference would be a Bank that set up their wills department as Trust. So you have both Bank Negara and Trust Company Act 1949 as backup. Double layer of protection.

Last on list of preference would be Sdn Bhd.

Correct?

That would be correct as will is all about security.

For bank with Trust, which banks have them? You mentioned Maybank, what about Pubic Bank? Standard Chartered?

And what's the price are we roughly talking about?

Are the price based on number of beneficiaries or value of property or what?

Thanks.

Apart from Maybank Trustees & OSK Trustees, PB, CIMB & HSBC also have it. SCB I don't think so.

I'm not sure about the others but the pricing for OSK is based on number of clauses in the will. A basic will (12 clauses) will cost you RM380.

Thanks. What's your comment of many people automatically thinking of going to a lawyer to do their will? Knowing what I know now, isn't that not a bad idea because:

1. There are so many types of law so unless the lawyer is specializing inheritance law, I doubt he is up to speed to write a proper will with known pitfalls covered.

2. Lawyer can retire or worst still, law firm closed down.

You're welcome. Well you're right. A lawyer can be hired to write up a will but it remains unknown how not many of them would specialize in this area of the law. It's like going to the MD for a specialist treatment. However, there are some lawyers who keep them self abreast with other areas of law who maybe better than those who don't. *Disclaimer: I mean no disrespect to any lawyers here.*

Apart from that, when it comes perpetuity then trust corporations simple are the better choice. Cost would be another matter too since these firms can enjoy economies of scale to reduce their fees.

If one approach a trustee company like OSK Trustee to write a will, is it better to also appoint them as the Executor? Or is it better to appoint a close relative or friend?

Executor is an important role. If you appoint your own people, you need to make sure that they will perform the duty later on. You need to inform them first whether they willing to take on the role of executor. BTW, the executor reserves the right to charge 5% of the total assets as his fees.

IF you appoint OSK, then you can assure that it will perform the duty with transparency. Of course, it comes with a fees. You have to check with them how much they charge as it is based to tier rates.

Wrong.

http://www.malaysianbar.org.my/non_muslim_...itance_law.html

Are u sure OSK charges 5% as executor fees? 5% is too much! PB Trustees only charge about 1%. Is there anything else I should be aware when appointing trustee company as executor?

Hi Constant,

OSK charges are as follows;

Appointment fee: RM100
Life time custodian fees (compulsory for OSK appointment as trustee); RM800
1st year, 1 to 2%
Subsequent years, 0.5 to 1%

Cheers,

HH