Wong, excluding epf value, how much net worth a person should have before switching from DIY to professional will writing...

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

Hey man, thanks for the quick reply...and detailed too

OK. 300k then can do preffessional will writing... I tot of getting will written when 1st baby out.

What about your wife? whats your take on will writing and your spouse. She got her will done as well?

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

Sex to make baby next year... By then will hit >300k assets bar, so it will be good to write the will... Yeah, plan to bequeath to wife and some for parents while they are alive...

Now to think of it MRTA, the house will belong to me when I pass away? Can i give it debt free to wifey?

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

Ic, thanks for the help Wong.
How about my 2 witnesses? can they help to inform the rockwill too?

for executor part, I can choose rockwill or other lawyer right?

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

Good Info about Will Writing ..

Info # 1

Info # 2

Info # 3

Preferrable, 2 or more YOUNG witnesses whom got no beneficiary/gift in the will if the person bye2..

This post has been edited by netmask8: Aug 12 2013, 09:43 AM

Is will writing require to list down the asset one by one? Or can have generic term that all the assets belong to someone?

M looking for will providers
Mind to recommend which 1 is good

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

I mean all assets belong to someone is that all the assets will have 1 beneficiary, maybe my wife. Wonder is it possible without list down the assets? Because the assets might change or have new assets i.e, property, car, bank account, etc. Then we require to update the will frequently.

Also, is the will wrote in Malaysia can enforce for any assets at oversea (Singapore)?

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

Slightly better to list down & update when you buy/sell ur properties. List down, no confusion for beneficiary/executor

Come to things like bank account, if too many, no need to list down but have a separate list so tht
1 day, goto heaven, executor easier job

B'cos of the way will writing co charge, list down everything, cost will be high.


Will in M'sia can cover asset in S'pore except CPF. As long as property has no restriction on foreigner, no issue to pass on

May I know what is the pros and cons for appointing the Will Writing Company (e.g. PB Trustee) as Sole Executor and Trustee?

Why PB Trustee give so much free things when appoint them as Sole Executor and Trustee?

Otherwise, more charges will impose.



This post has been edited by almeizer: Sep 20 2013, 05:03 PM

Let's say if got a 15 years old trustee (will) from a law firm but this law firm is no longer in business, and also cannot
find this lawyer who wrote this trustee anymore, is this trustee still valid by law?

This post has been edited by DiamondBar: Nov 15 2013, 03:08 AM

Hello All -

I'd kindly like to ask about creating WILLS or Wasiat since my colleague who's foreigner asking me. He doesn't have property here, however, he only has EPF and Car. His purpose is to ensure his family can get the EPF easily, and fast if he's passed away.
I tried to Google the information, and found that there are fews banks that he can liaise to: CIMB, and Maybank.
The other is amanah raya:http://www.amanahraya.com.my/arbwos/References/about.asp
.

If I want to give him suggestion which one that I can suggest to him. Is it amanah raya?
If considering the fast and certainly his wife can get the EPF, and as well the process to get not complicated, which one is the one I can suggest.

Kindly please ask your thoughts, and appreciate much.

Thanks, and cheers,

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

Hi Naomi,

As far as EPF savings is concerned, your question has been answered.

If he has a will written back in his country of origin, it will covers all of the movable assets - cash,equity,etc, both in his country of origin and foreign. As for immovable assets - property, vehicles and etc, only the immovable assets back in his country of origin will be covered.

Since he owns a car here in Malaysia and perhaps property in near future, he is advised to have his will written here in Malaysia too. Yes, Amanah Raya Trustees Berhad (ARTB) is one of the best trustee in Malaysia.