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 Have you written your WILL?

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lilac_alex
post Nov 13 2007, 10:09 AM

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hmm... can ask something?

can we put in other people's names (other than immediate family) in a will? coz if we don't have a will, our assets & $$ all automatically will be distributed to our immediate family. but can a will make the difference as in giving our assets/$$ to other ppl?

hope you guys un my question. heheheh
momusu
post Nov 13 2007, 02:18 PM

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QUOTE(lilac_alex @ Nov 13 2007, 10:09 AM)
hmm... can ask something?

can we put in other people's names (other than immediate family) in a will? coz if we don't have a will, our assets & $$ all automatically will be distributed to our immediate family. but can a will make the difference as in giving our assets/$$ to other ppl?

hope you guys un my question. heheheh
*
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nothing can stop you.
trinity3
post May 6 2008, 03:28 PM

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QUOTE(penangmee @ Nov 11 2007, 01:54 PM)
ARB is among the cheapest but not most efficient for wrting will AND getting probate after u mati. Their chareges are fixed. Lawyers?  Charges are like squeezing the deceased asstes also not that fast.



Dividing assets b4 mati? I have heard stories of children who abandon theirs parents after getting hold of the asstes - not paying for medical bills/leaving parents alone etc.

How ever I agree that simple will should be enuf if dun hav a lot of assets but u still need will . If single to make sure govt does'nt get all your money. If married  to make sure wife/children/ parents get a portion. I have heard too many sob stories. In laws dun want to giv wife/wife dun want to giv aged parents etc . SO make sure you update your life policies/EPF when u get married/have children. FYI, I even know of a case where an ex gf/fiancee was named as beneficiary - wife was not able to claim on the policy. Policy holder didnot/forgot to change. Until today I dun think that the ex gf knew the guy was dead or even made a claim doh.gif
*
Charges for ARB now lagi worst. They supposed to be public service. newspaper nst also have a write up.
All sorts of sob story since we malaysian like to wait mah. then when we drop dead, cause probelm to wife and kids
Vv.SoViEt.vV
post May 6 2008, 04:01 PM

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QUOTE(dzi921 @ Oct 26 2007, 06:42 PM)
Have you written your WILL?

If yes, from which provider? How much does it cost?

If no, when do you plan to write?
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mind if I ask how old are you?
Jean72
post May 6 2008, 04:47 PM

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QUOTE(penangmee @ Nov 11 2007, 01:54 PM)
ARB is among the cheapest but not most efficient for wrting will AND getting probate after u mati. Their chareges are fixed. Lawyers?  Charges are like squeezing the deceased asstes also not that fast.

Dividing assets b4 mati? I have heard stories of children who abandon theirs parents after getting hold of the asstes - not paying for medical bills/leaving parents alone etc.

How ever I agree that simple will should be enuf if dun hav a lot of assets but u still need will . If single to make sure govt does'nt get all your money. If married  to make sure wife/children/ parents get a portion. I have heard too many sob stories. In laws dun want to giv wife/wife dun want to giv aged parents etc . SO make sure you update your life policies/EPF when u get married/have children. FYI, I even know of a case where an ex gf/fiancee was named as beneficiary - wife was not able to claim on the policy. Policy holder didnot/forgot to change. Until today I dun think that the ex gf knew the guy was dead or even made a claim doh.gif
*
GOOD topic. Was just thinking to post the same topic in my blog. Estate planning (will writing) is the essential part for financial planning.

I was talking to my insurance agent and he agrees to draft a will for me for free. Will can be done easily if we keep the content simple. But if you have material amount of assets, it is important that you consult a proper will writer like rock will.

Especially EPF. Don't just rely on your nomination. For eg, My husband and i nominate each other as beneficiary. It is fine..but WHAT IF, unfortunately we face a common disaster??? If rely on LA, EPF takes a long years before money is released.
Director
post May 6 2008, 08:34 PM

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writing a will is still not quite "open" to fellow malaysian. seems like doing something bad/ bad luck/ bad sign smile.gif
Jean72
post May 6 2008, 10:34 PM

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QUOTE(Director @ May 6 2008, 08:34 PM)
writing a will is still not quite "open" to fellow malaysian. seems like doing something bad/ bad luck/ bad sign smile.gif
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Director, nice photo. Was it the "Iron Man" actor? Anyway, I am sure Malaysian now is more educated and realise the importance of having a will ..
Shinichi
post May 6 2008, 11:03 PM

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Hi all,

Stupid question to ask here. If I were to leave this world, what will happen to all the moneys in my bank accounts? Will my family members able to get my money

Thanks.
Jean72
post May 6 2008, 11:17 PM

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QUOTE(Shinichi @ May 6 2008, 11:03 PM)
Hi all,

Stupid question to ask here. If I were to leave this world, what will happen to all the moneys in my bank accounts? Will my family members able to get my money

Thanks.
*
25% to your children; 25% to your parents, 50% to your partner. But it does take a long time to process ...
KooHei
post May 6 2008, 11:20 PM

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QUOTE(penangmee @ Nov 11 2007, 01:54 PM)
Dividing assets b4 mati? I have heard stories of children who abandon theirs parents after getting hold of the asstes - not paying for medical bills/leaving parents alone etc.
the parents, they should educate their children about family value instead of money money and money...

QUOTE(Shinichi @ May 6 2008, 11:03 PM)
Stupid question to ask here. If I were to leave this world, what will happen to all the moneys in my bank accounts? Will my family members able to get my money
eh i thought it is stupid question lol... well it depends i guess... if any other name related to your account or address... like joint account etc...

just realized this topic revived after half year passed... thumbup.gif
Shinichi
post May 6 2008, 11:22 PM

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QUOTE(Jean72 @ May 6 2008, 11:17 PM)
25% to your children; 25% to your parents, 50% to your partner. But it does take  a long time to process ...
*
Thanks. What if I'm not married and do not have any dependents? Will my parents or siblings able to claim it too?
Jean72
post May 6 2008, 11:40 PM

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QUOTE(Shinichi @ May 6 2008, 11:22 PM)
Thanks. What if I'm not married and do not have any dependents? Will my parents or siblings able to claim it too?
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yes. in that case, i think 50% your parents, and 50% your siblings...if I am not wrong. This I am not sure.....
b00n
post May 7 2008, 02:11 AM

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QUOTE(Jean72 @ May 6 2008, 11:40 PM)
yes. in that case, i think 50% your parents, and 50% your siblings...if I am not wrong. This I am not sure.....
*

Not entirely true.......
They would have to sort it out in court.
Here's a writeup on it: http://forum.lowyat.net/index.php?showtopic=662651

HughieRmX
post May 7 2008, 09:31 AM

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Still a long way to go since I'm still not prepare yet .. smile.gif
cuebiz
post May 7 2008, 09:32 AM

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QUOTE(Jean72 @ May 6 2008, 11:40 PM)
yes. in that case, i think 50% your parents, and 50% your siblings...if I am not wrong. This I am not sure.....
*
100% goes to parents. Siblings don't get a single sen.

Anyway, it is advisable to write a will even if you are young cause life is full of uncertainties.
HughieRmX
post May 7 2008, 09:35 AM

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QUOTE(cuebiz @ May 7 2008, 09:32 AM)
100% goes to parents. Siblings don't get a single sen.

Anyway, it is advisable to write a will even if you are young cause life is full of uncertainties.
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What are the requirements or Terms & Conditions .. if you wish to write a will ? unsure.gif
*devilelle*
post May 7 2008, 09:59 AM

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i don think i have lotsa asset to distribute .....
better do charity.......
still can do good after death icon_rolleyes.gif
b00n
post May 7 2008, 10:52 AM

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If you have assets and dependents, than pls write a will.
Even with a will, the process of taking ownership and disperse of assets would take around 1 year. It's a lengthy and painful process.

It's even worst if one got no will in hand.
cuebiz
post May 7 2008, 10:55 AM

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QUOTE(*devilelle* @ May 7 2008, 09:59 AM)
i don think i have lotsa asset to distribute .....
better do charity.......
still can do good after death icon_rolleyes.gif
*
When a person dies, all his/her assets will be frozen. You need a grant of probate ( with Will) or Letter of Administration (No Will) to unlock it. Without it, all your assets can't be taken out and distributed to any of your beneficiary.

You may think you don't have much assets but surely you have bank account, UT etc. All these will be stuck.
lil`pumpkinz
post May 7 2008, 10:57 AM

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QUOTE(dzi921 @ Oct 26 2007, 06:42 PM)
Have you written your WILL?

If yes, from which provider? How much does it cost?

If no, when do you plan to write?
*
Not yet. Most of my properties e.g. house & bank accounts (except my car) are attached together with my Mum. Do we really have to do it this early?

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