Have you written your WILL?

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

If no, when do you plan to write?

wait till when i am old first...

yes, but not taking will writter's service.

If not by will writer's service, Then how?

Is your way legal?

No not yet.
But an advise, once one is with assets and dependents than it's time to write a will. It never hurts to pen it down.
What I last heard, will writing inclusive of getting it chopped and stamped by the commission of oath cost less than RM500.
But sorry, I have no contact.

Beside the will writers like Rockwill, OSK Will blablabla......
Trustee company like Amanah Raya, PB Trustee etc also offer will writing services.
Or you can also do it at Lawyer's office.

http://www.femail.com.au/aussielegal-write...-legal-will.htm

come, i let u read urself , for malaysia proper writting i misplaced my book, so can't give u the proper guide. so long ur will (handwritten also can...) consist of key words stated clearly, it is legal n " executable ". our grandfathers days will writing were not popular , but they do write something down, do they?

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Added on October 26, 2007, 7:18 pmhttp://www.howtobooks.co.uk/family/wills/how-to-write.asp

This post has been edited by yewkhuay: Oct 26 2007, 07:18 PM

Will services is around RM300-500 for a standard will. It is based on clause. The more clause you have, the more you have to pay.

It is not recommended to write yourself a will unless you have a reference as a guide.

If you are planning to get a lawyer to write, make sure you get those specialise on will writing. Some lawyers only knows how to do S&P and nothing else.

Theres such a thing as a will writer? Can it be done by a lawyer?

Yes.
Nowadays fighting with lawyers for business.

But then, I'm not comfortable with the way they charge.
Some say, depending on clause, more clause, more fee.
Some say, depending on the total value of the asset recorded & they derive a percentage out of it as fee.

Fine. ARB charges only RM250.

Some professional will writer charges more than 20K. Of course, that means your assets are huge and needs to plan properly. It takes around 3 months to plan the will. Lots of work

For people like us, a simple will is good enough. ARB RM250 is very good price. Does that RM250 includes storage of the will?

good resources...

now, where to WILL...

i am looking for a WILL to get the WILL done!!

recommend??

This post has been edited by victorboy: Oct 27 2007, 12:26 AM

someone has mentioned....

Someone who has gone and wrote a will said to me Amanah Raya Berhad is a scam. So what she did was divide the stuff directly before she dies, she is still living btw. And if anything happens, transition of assets have already been done prior to that. Says that wills are not really the way to go. its more like changing names before getting into trouble. Well if you are 60+ then maybe you will start writing a will anyway. Don't think you have a lot of assets when you are 20+

One can do that, if he/she is confident the beneficiaries wouldn't "change" after receiving the money/property/item etc.

Like in Taiwan, they all do this. Perform complete transfer b4 passing away. Cos if not, the tax rate is 50% of the total estate.

why write will also so hard one meh?

not write on a A4 paper, get some witnesses, chop mohor, gao dim.
good game, end game. next life.

anyway, i'll write one if i have some estates or some important stuffs.. when i'm rich.. lol..

This post has been edited by xgen23: Oct 27 2007, 02:21 AM

write how to divide the debt to our child to pay !!


if u don't have any asset, how u write the will also no people will comment since no thing for they to fight....

if u rich & so so so very rich, then.....u really need proper will writing...

in fact i would like to share that AIA does provide WILL writing services....i cant remember how much was the charges coz one of my relative did it thru AIA couple of years ago...wondering if its still available...hmm...

yeaps....do that if u r sure u wont suddenly die..cause if u do, your assets will be frozen and it will take a long time be4 anyone gets anything....and not only immediate family members can claim the amount, even your uncle aunty cousins and faraway relatives also can have a claim to it.....so quite the dangerous.

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

This post has been edited by penangmee: Nov 13 2007, 11:09 PM

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

can. ur property ur right!
nothing can stop you.

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

mind if I ask how old are you?

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.

writing a will is still not quite "open" to fellow malaysian. seems like doing something bad/ bad luck/ bad sign

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 ..

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 ...

the parents, they should educate their children about family value instead of money money and 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...

Thanks. What if I'm not married and do not have any dependents? Will my parents or siblings able to claim it too?

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

Still a long way to go since I'm still not prepare yet ..

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.

What are the requirements or Terms & Conditions .. if you wish to write a will ?

i don think i have lotsa asset to distribute .....
better do charity.......
still can do good after death

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.

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.

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?

you will never know whats ganna happen tomorrow....there is no harm in doing early....

i know cuz part of my job is preparing will for others...

but then my bank account usually less than RM10...
and those KWSP/insurance, i already assign beneficiary...
so i don think i have any assets anymore.....

But my mum has her name included in my house and bank account already. Maybe later.

Same here

lol...fix ur shopping problem first

So writing a will makes things faster and easier right?

Then do we need to pay for will? How much usually?

I found it strange that you prepare will for others but not yourself.

Along the years, you will accumulate more assets but may forget to write a will

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Added on May 8, 2008, 12:14 amNot much unless you got many things to write. It is based on clause. Normally less than RM1K. Company like ARB sometimes have promotion of RM500 inclusive of the custody.

This post has been edited by cuebiz: May 8 2008, 12:14 AM

Wow, but for me paying 500-1000 for a will is a big amount.

It depends on how much assets you have or any dependent?
If you have no dependent, and only say RM1k in the bank; why a will unless someones depends on the RM1k for life. That's just my opinion.

What is there to fix? I have a stable income where I can afford my shoppings, properties and my bank account is not with zero balance.

when i really have assets then i'll get a will cuz its no point you get it when u have nothing but only debts.... this will trouble your family too....

Not easy process... better leave to professionals. Example :-

http://www.wikihow.com/Write-Your-Own-Last-Will-&-Testament

Keeping the will, is another consideration. Some companies provide such service, for a fee.

lil pumpkinz

Why do I often hear others to talk about your shopping issue. Guys, just leave her alone. Afterall, she is spending her money, her very own hard earned money.

Having said so, I do encourage saving. Seeing your money /assets growing is very rewarding (or is it just me?)

Thanks for your reply. At least I now know roughly how much a will cost

Anyone of you have any idea about will writing or have made a will. What would be the best way?, go to a lawyer and get it done or....

Please advise as I want to make one just in case something bad happens.

This thread might be useful, http://www.myklang.com/forum/why-will-writing-t-1941-2.html ,

can actually write it yourself...there are standard formats; you need to get two witnesses to see you sign - but they don't need to know the content

otherwise, can go to Rockwills, OSK wealth planners

Not recommended to DIY or lawyer. Better get professional will writer as mentioned by leongal

Depends on how complicated is your life if simple DIY is just good enuf. There was an article earlier this week/last week in the STAR on will writing or the need for it. Very informative !! Do not advise getting Rockwill or similiar. If you want, better get lawyer.

There are a lot of personal financial consultants do offer will writing as part of their service also (besides selling insurance and investment links schemes).

Nowadays insurance agent no longer call themselve insurance agents. Instead they are so called "financial consultant" as they provide everything you need regarding hedging your risk and your investments.

Do find out more and I believe everyone sure have their friends who are into this business. If you have none you can PM me for more info.

May i know why getting Rockwill or similar is not good? Care to share?

There were 2 articles written by lawyers (a Bar council member and another a lawyer) who basically defended writing a will better done by a lawyer as opposed to a professional will writer. I think Penangmee is convinced by these 2 lawyers hence she advises against it.

I feel those articles has some points but overall it's meant to protect their profession rather than to serve the public.

Quick question: Can a non-muslim name a muslim (not related in any way, by blood or legally) in his will as the rightful person to inherit some of his assets should he die?

can, but onli up to 2/3 of the estate

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Added on March 6, 2010, 8:49 pm i agree; i think if we go thru will writers are cheaper than going thru lawyers - and lawyers won't entertain us after office hours, compared to will writers

This post has been edited by leongal: Mar 6 2010, 08:49 PM

Oh... I didn't know there is a limit in the case of a non-muslim testator's distribution of assets to a muslim.

I only know that in the case of a muslim testator, a will can only be made in respect of not more than 1/3 of his net estate according the the Islam's Faraid Law of inheritance.

This post has been edited by Aurora Boreali: Mar 6 2010, 09:01 PM

Thanks for all your feedbacks. I did some searching and it looks like it is not so difficult to write out a will but it can be tricky with the wordings.

The one question that is still in my mind is must we have two witness with no relation?.

What happens if these witness are not around any more or dont end up helping later on. If we go to a will writing agent or a lawyer the same can happen, they may be not around when we need them?

From what I've heard from a friend of mine who are working for Rockwills,its not wrong to write a will on your own but of course it have to follow the standard provided as well. For her company,they will provide you lawyers choices up to 5 people,in case that maybe some of them are no longer working or etc.They are professionals,of course they have to make sure that customers' are well covered in all aspects of possibilities.

I am one of the will witness to my friend he composed himself from downloaded samples, the assets worth 3 million and he got only one daughter that all the family member is at their 50 - 60, very simple and everything goes to the daughter should anything happen. so no need professionals.

The way I see it without a will if you have dependants like a wife and young children it makes thinks very difficult for them. There is no question that you need a will so they wont have difficult times upto 2-3 years to get a LA or etc. Putting the will into efect also involves the courts and lawyers. It looks like getting it done via a lawyer yields some benifits.

For me very simple, I want all my estate (properties + moneys + car + etc) to go to my wife 100%. My kids are minors (young) and if my wife is not around too then to give all to my 2 kids equaly. If a guardian needs to be apointed for my kids in the event my wife is not around then to state my elder sister. All my estate will go to my kids when they are age 18. I am an average joe, we are not talking millions here or anywhere near it.

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Added on March 6, 2010, 11:41 pmI guess it would be simple but it also depends that the daughter is not a minor. In my case I have 2 daughthers which are minors and it can happen that me and my wife could be not around when they still are minors. Then need to apoint a guardian or trustess etc.

This post has been edited by gsdev: Mar 6 2010, 11:41 PM

Witness is easy to find; but the problem is always with executor.
Executor is the party that helps you "execute" the will when the unfortunate befalls. Thus in will writing, the executor party had to be listed clearly in the will. Also, to prevent conflict of interest; the executor needs to be someone who has the same amount of assets or more as the will owner.

Thus it's still more efficient in paying for will services.
http://www.mywill.com.my/will_custody.asp
http://www.rockwillsonline.com.my
http://www.pbebank.com.my/en/en_content/trustee/wasiat.html

OSK trustee does will writing, keeping and execution too IIRC

Choose your witness properly. If witnesss can't be located later after attempt such as advertise in newsppaer, the lawyer can apply to court to strike the witness.

When the person dies, witness role is to sign the affidavit stating the person has done the will. Some lawyer that are witness knowing that they are not hire by the executor, will deliberately ask for money to sign it

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Added on March 7, 2010, 7:45 am3M is a huge asset. Proper will planning might be needed. Perhaps your friend should think how they going to distribute them if the daughter is to pass away first and also any for their future grandchildren etc..

This post has been edited by cuebiz: Mar 7 2010, 07:45 AM

go to amanah raya berhad..writing a will

last time I cancelled their service because of their agent used my name without my 'will'.

Interesting indeed. What happened?

Last year I apply CC with 1 bank & the agent also offer will's service to me, but i decline. Instead, she says I could reject the service later on. Unfortunately, after 1~2 month I received my CC, I saw they charge the will's service to my CC statement. WTF!

Then I wrote a latter to the bank to reject that transaction, complaining to that bank (will's deparment), Amanah Raya Berhad & Bank Negara. A month later I received my money back...

~ I lost my trust to them. How can I trust them from what they do to me even when I still live?

I think they will bill you due u didnt reject them on the spot. This is how bank do thing. You didn't cancel means u would like to take it. If you don't wan to take it. You will cancel it in the future.

That is y now credit card charging on daily basis no longer on monthly. Because as banker say, you cancel the service later on. Same goes to credit card.

You can pay later on, but....charge u daily after due lo...

I'd say they're making a good use of daily interest factor.

is a huge asset.. although the distribution looks simple but then who would be the executor in this instant... If you hire a lawyer to execute the will the lawyer has the rights to claim a total of 5% of the entire asset worth as their 'fees' - (correct me if i'm wrong though!).. I would just engage a trustee to take care of the asset, lesser the headaches.

It's the percentage of the "gross" asset IIRC. Not a small sum in this case.

I agree to that. Writing a will is one thing but making sure it's water tight is another matter. There's no point to it if it fails to give effect to the deceased original intention of composing it simply because there's a lacuna in interpreting it by the courts.

so how do we settle tis lacuna issue? use rockwills or lawyer or etc better?

I would say so since you've worked hard to earn your money why skimp on the distribution of it.

I wun skimp on it & i stil researching whether to use rockwills, wun go for arb or lawyers
but wat abt uob trustee? any one with real practical experience dealing with rockwill / uob when time to distribute asset

This post has been edited by sulifeisgreat: Mar 10 2010, 06:18 PM

My family in laws will is with Public trustee. They send updated forms on an annual basis to see whether or not there's any asset updates.

It was free for them as they are Mutual Gold customers.

My will was done with OSK Trustees and a few friends of mine have got it done with either OSK Trustees or Rockwills. Some family members have got it done with their lawyers.

How much is the fee for will writing.. any rough guide?

thanx for the tips

About RM350 for a start. It charged by clause. Each clause about RM100. The more clause you add, the more you pay. A simple will cost less than RM1K

a cheaper alternative would be to go thru Public trustee - PBTSB (if you have public mutual trust agent to contact, he/she can help you on this..). A simple standard Will cost less than RM500 - with free life time Custodyand. And if you are a PBbank platinum card holder or Pbank REd Cardpet customer, you are entitle to 50% discount...

Mutual Gold member also get to do it for FREE. Just invest 100k to become 'gold' ... I think ...

I have some questions. I'm new here, please forgive. To write a will, for example, my father consults a lawyer and made an appointment to sign the agreement. He and i, i'm still a minor, go to the appointed date.

He signed it and off he go. Again, i'm a minor and i know nothing.

Question:

1. What if that lawyer 'abuse' or 'modify' the agreement before the signing, for his/her benefits purposes? And my father couldn't read English.

2. What if that lawyer, 'gone' or liquidated? Who will later manages my father's will?

well..your father should at least keep a copy of the Will himself...get someone to translate and explain to him..

As to who will be managing your father's Will.. You will have to check in the Will who is assigned as the Will Executor, is it the lawyer? There is an article in the Personal Money last month (I think), mentioning that Executor assigned cannot simply withdraw himself/herself from the responsibility...one has to get a court consent, to bring in a substitude Executor for example, in order to withdraw.. Rationale is , if the Estate is left without an executor it will be going into a state of limbo which the court will not allow...

1. You can read English. You just check what it is written. Make sure you check the original will.

2. If lawyer gone, no problem. Just appoint another one. Most important is the Executor. I hope it is not the lawyer.

Some additional question you may want to check

1. Who is the witnesses?

2. Where the original will is being kept?

Normally any beneficiary who are NOT the kin/legacy of your father would raise suspicious and if indeed found out the lawyer will face penalty so big that he can only be a con man for the rest of his life. So unless its once of life time 'lubang' like 12 millions and above, its unlikely the lawyer will do such thing ... if he is a real lawyer to start with ...

A prevention method is to find another lawyer to analyse the 'health' of your will. Or just find someone he trusts ( not whom you trust ) to translate for him.

Actually, if there is no will, and the combined estate is less than RM600,000, you could always go for a Pusaka Kecil hearing. The estate must be a mix of harta alih (savings, ASN) and harta tak alih (land,house)

Costs about RM20, +RM2.00 for every copy of the order. Apply at the Unit Pembahagian Harta Pusaka and your nearest Pejabat Tanah.

However, once there is a will, gonna have to go to High Court.

hi all,

i hv a lawyer fren who writes wills.

if any of u have any questions/need any advice or is interested to write one, u can PM me =)

hmph....I've not thought of this matter. Should consult my lawyer on this. Good thread.