via Crystal Balls?

seriously labtec, the beneficiaries are the triggers lar
Testator should instruct them to contact who & who (ie in this case, Rockwill & whatever funeral arrangements) if the testator kicks the bucket lar

if one can't even plan the above ahead, no need Will lor.. coz i'm sure that same person wont even bother listing and updating his/her assets out.
Without an updated asset list, how lar can the Executors (ie. Rockwill) execute the Will properly?

Just a thought

Hm.. tricky Q, no specific answer as it depends.

Just to clarify:
One's Will is for everything that has
a. no nomination - thus U are right on the EPF portion, insurances, etc
b. not held in trust - eg. Public Mutual funds's trust nominees can be done to avoid time & hassle of Will, etc.
c. has no auto/specific survivor-ship clause - eg. joint bank a/c, some joint mutual funds a/c, some mutual funds beneficiary a/cs (eg FSM)

Thus, taking into consideration of the above, my personal thoughts as to WHEN to go for professional Will writing:
1. Based on cost sensitivity
a. When my assets EXCLUDING home + EXCLUDING the above (a. to c.) is > $300K
Reason: hehe - PB Trustee charges a minimum of $3K to execute a Will (ie. when i die, it'll cost at least $3K to execute),
with first $1M assets *1% and subsequent $ *0.5%
Why i excluded home? It's not $ that my family needs to live on - thus can take time.

b. When my assets EXCLUDING home + EXCLUDING the above (a. to c.) is > $90K
Reason: PB Trustee charges $500 less $50 if they are the holder & executor for standard Will writing services if one is not Mutual Gold.
Thus, cost me 0.5% to write a Will, ok lar.

2. Based on dependents
a. When i have dependents that will severely be affected economically by my death, thus speed of execution and getting the $ & assets to them is critical (assuming all the nominations pun tak cukup lar)

Please note that the above is just my personal thoughts and execution (yes, when I wrote my first "professional Will", these were the reasoning).
In addition, i am not working for PB Trustee yar - just that i find their services cost effective and executionally effective when i'm gone VS lawyers & other options i checked out.

Your mileage may vary

FYI - i'm now reasoning out WHEN it is worthwhile to create a "Testamentary Trust" - ie. when i die, a trust fund will be created to manage my investments and to payout to my loved ones & charities. Thus far, looks like it'll only be worthwhile cost-wise, management-wise VS payout-wise when i've about RM3M+/- of investment assets. Aaargh...
Reason for a Testamentary Trust? Simple - i dont want to destroy my love ones with lump chunks of $. U know the cases of lottery winners and also inheritors - where they spend all and get into MORE DEBT than without the lottery winnings/inheritance, right?

This post has been edited by wongmunkeong: Aug 11 2013, 10:37 AM

My wife?
heheh.. most of her assets are in vehicles with nomination - ie EPF & mutual funds.
In addition, not much economic impact to family.
Thus, no burning reason yet

er.. when your 1st born is out?
Just FYI - dont nominate nor Will to minors yar (below 18).
Nominate or Will to trustee on behalf ok, else koyak - child cant touch until 18, eat grass till them
Just worried - if U know liao, no worries - i'm just a worry wart

This post has been edited by wongmunkeong: Aug 11 2013, 05:50 PM

Yup yup - good idea / do-able for all of the above, especially house to wife, debt free.

In future, if i may suggest - a cheap term life to cover mortgages may be better, especially if U are a Public Mutual investor.
Like a "cover-all" insurance (mortgages, death, disease, disability)

I've $500K covered with Public Mutual - AIA Life Plus 2 for $2400+/-.
The kicker is if i die due to accident, DOUBLE payout!
At our current age (30s-40s) and forseeable 5 to 10 years, if anything happens, it's usually due to accident (statistically).
Just sharing yar, no right/wrong - just me, Wong

This post has been edited by wongmunkeong: Aug 11 2013, 06:12 PM

Yup, U are right - your 2 witnesses can help trigger the keeper of your Will & Executor (may be 2 different entities)
er.. however U sure your witnesses will do so when they have nothing to gain? ie. WIIFM (what's in it for me?) thus they may not be "too urgent" to trigger

Executor? yeah - lawyer, Rockwill, a learned close friend or family.
Personally, i chose the corporate entity (ie. PB Trustee) due to logic (er.. posted somewhere in this thread/topic earlier i think - if U can't find it & want to know, drop me a line here)

Just a thought

IMHO:
One SHOULD list down all assets "one by one" (ie. details like bank a/c #, stocks in which CDS or nominee a/c, mutual funds, properties, etc.)
for "Asset List" that the Executor of the Will to know what one estate has lar.

If U mean list "one by one" to give who, no need lar, just list %
Only things U may want to be specific are like properties and vehicles, thus that are HARD to own by many parties
OR may cause WAR among the parties (some wants to keep, some wants to sell, some couldnt be bothered flying in from AU/UK/US to sign-off - ALL STUCK)

And.. no.. all the assets belong to Testator (Will writer/owner lar).
When given to beneficiary/ies, then only belong to someone else
Anything BELONGING TO SOMEONE ELSE and not Testator is called debt heheh. Yes yes - best to list down who U own (creditors) too, other than "Asset List"

Just a thought

Your "wondering" was already responded to, see % in my thoughts/feedback.
Hm.. my English aint working well.. perhaps i need more coffee...

Enforcement - i think this was visited somewhere in this thread.. too lazy & late now to bother.. <staggers off to zzz>

This post has been edited by wongmunkeong: Sep 5 2013, 11:22 PM

EPF for foreigners cant do nomination ka?
For locals, go to EPF website, print out form, sign & get witness to sign - go EPF, done.
Why bother with Will or Wasiat if just EPF? Unless... heheh.. something more than meets the eye.

This post has been edited by wongmunkeong: Mar 17 2014, 10:46 PM

Yup, "small got small game", "big got big game".
When no millions - DIY will enough - just make sure the structure and wordings are good as per wodenus' shared-link.

When have millions - in my humble opinion, go to Trust companies better than common legal firm.
Common legal firms - will they last longer than the Will?
Additional logic - when have millions, one wont just do a Will but a Trust fund to protect love ones from being "destroyed" by sudden lump of $ ("lottery winners curse").

Just a thought

When DIY or making a Will to be executed by family/friend - the "guarantor" will usually be the "oh oh.. i should have thought of that" - especially if the Estate is substancial VS cheapskate Testator thinking of saving 1%-2% of total Estate by DIY-ing (penny wise, pound foolish?)

May i know the cost of execution when Testator kaputs?

Thank U Zuyee88

Hi KoChin,

Just my 2 cents as an "end user" for Public Trustee's & Pacific Trustee's Will writing services:
1. Item 2:
U may want to reword as such:
If my spouse, XXX XXX XXX predecease me or shall not survive me for a period of one month then I, HEREBY DECLARE that

2. Attachment 1:
I'd suggest not including it such way in the Will
BUT just state it as an "Asset & Liability list", thus can be updated anytime for your Executor to know where & how to get to your assets.

3. U may want to have another survivorship clause for Executor & Trustee
especially someone / legal entity that doesn't usually travel or be near your wife or your bro-inlaw
choy choy choy BUT ACCIDENTS HAPPEN and if all the Executors are usually travelling together or near each other..
one-shot both koyak how?

4. Items 8 & 9:
Choy choy.. but survivorship clause may be a bit unclear.
eg IF (CHOY! ya - my apologies if my IF offends) child PASSES after U
AND does not have child(ren) of their own
.. er.. so.. how?

5. Guardianship for your children?

I'll "clean up" my simple Will
+ complicated as kaka Will cum Trust
to share later.. er.. hope i can find time heheh

BTW, good share

This post has been edited by wongmunkeong: Sep 3 2015, 05:18 PM

Here's the simplified Will i drew with PB Trustee years back.
urgh.. sorry, i couldn't convert to MS Word to remove the data,
thus screenshot and used red squares to block off private data.

Note - Trustee here is a Company, thus Company No.
Please change to IC Number if human



Attached File(s)
 Blank_Simple_Will.pdf ( 283.39k ) Number of downloads: 320

boss dalam bilik
i = ekuli je

bro, that scan shared was my old Will
Current Will takes care of if 1 car all gone - it'll go partially to my Sis, nieces & nephew + bro-in law
Those fellows do not usually travel in-line with us - thus 2nd-party to get $

3rd party = WWF & UNICEF if even 2nd party all hangus..

thus not a dime to the "dang filthy U know who wants donations"

A:
1. can we alter the list from time to time? eg. will is dated today but the list is updated once every year or so?
A1. The asset list U mean? Yes - your Will is unchaging unless new Will
Asset list is just a list of Assets & liabilities for your executor(s) to know where & how to get to our stuff

2. how many copies of the will and who is in possession of it?
Usually - "2 original" copies (ie ori signatures) - 1 for trustee, 1 for me
then i scan copy to my wife, mum, sis, bro inlaw

Hope the above helps.

Now to find time to clean-up current Will and stuff - should be useful for those thinking of doing a Trust to invest & payout IF love ones cannot/don't want to manage estate investments to last 2 generations / up to 80 years.

to me, it's worthwhile if my non-properties investments are > RM3M +/-
and
if my love ones cannot (skills/knowledge) OR will not manage the assets (fear/greed)

BTW, NOT very expensive - it's like 0.5% or less of the total value under management per year only, excluding transaction / brokerage charges if buy/sell management happens.

Note - since i do NOT have RM3M worth of financial assets yet, my current will has something like:
IF blah blah >=RM3M then a testamentary trust is to be created and section blah blah executed
ELSE
payout blah blah

Yes - lazy to re-write again until/unless i have my dream of seeing my kids grow up good enough to manage on my behalf

BTW - one can also specify the Trust to payout a % to charities too yearly - do some good, give back kind of thing.

urgh.. i seriously need 1/2 a day to clean up that version of Will + Insurance Trust + the overview to explain what the heck is going on (i've 1 page in Power Point for my wife, mum, sis to see big pix and understand heheh)

This post has been edited by wongmunkeong: Sep 7 2015, 03:01 PM

yar BUT (there's always 1 ) - if the account(s) are in the deceased name only, TECHNICALLY it is a crime - how/who to withdraw after death?
and
when the Executor(s) of the Will finds out OR the bank finds out (coz Executor(s) presented death cert and stuff)
.. then "hope" comes into play

Ways around this?
er.. if flexi/current account(s) - write lar a few blank chqs (with no dates) to spouse, IF one trusts spouse not to runaway or worse... <looks at arsenic bottle>

Not a lawyer but one of the Qs i asked my estate planners before
Just sharing

This post has been edited by wongmunkeong: Jun 15 2016, 04:23 PM

-deleted since misinterpreted as bitig remarks by certain parties-

This post has been edited by wongmunkeong: Jun 15 2016, 10:30 PM