Outline ·
[ Standard ] ·
Linear+
Have you written your WILL?
|
SUSOptiplex330
|
Sep 8 2010, 06:09 PM
|
|
QUOTE(b00n @ Sep 6 2010, 09:29 PM) No need really to employ trustee or lawyer. One just need to write a simple will and appoint an executor supplement with 2 witnesses signing the will; where the executor and witness cannot be beneficiary and beneficiary's spouse. When someone pass away, the executor just need to present that will to the probate office. If there's no contention or objection to that will, the assets would be divided according to it. It would still take time to clear the case; but even with a proper trustee and lawyer assigned as executor, it's the same procedure. Only difference is those guys knows the procedure better than normal people like us, so it's a smoother process. But basically it's the same processes. p/s: I think this is part of the CFP module on will writing. So anyone whom attended that might be able to relay it even better than me or correct my point if I'm wrong. I am sure there are minor details or pitfalls that normal person would not know about so i would not want to risk that. For example, if the deceased have an unmarried daughter and that daughter is not listed in the will, that will can be declared void. Likewise if the deceased hated his wife and did not leave her anything, that will can also be declared void.
|
|
|
|
|
|
SUSOptiplex330
|
Sep 9 2010, 08:07 AM
|
|
QUOTE(b00n @ Sep 8 2010, 06:32 PM) 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. 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. Added on September 9, 2010, 8:08 amQUOTE(HHalphaomega @ Sep 8 2010, 11:23 PM) In Malaysia Rockwills & OSK Trustees are the most commonly sought. Rockwills is a Sdn Bhd whilst OSK Trustees is trust company. So 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
|
|
|
|
|
|
SUSOptiplex330
|
Sep 9 2010, 08:30 AM
|
|
QUOTE(HHalphaomega @ Sep 9 2010, 08:13 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
|
|
|
|
|
|
SUSOptiplex330
|
Sep 9 2010, 08:52 AM
|
|
QUOTE(HHalphaomega @ Sep 9 2010, 08:36 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
|
|
|
|
|
|
SUSOptiplex330
|
Sep 9 2010, 09:15 AM
|
|
QUOTE(HHalphaomega @ Sep 9 2010, 09:03 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?
|
|
|
|
|
|
SUSOptiplex330
|
Sep 9 2010, 09:50 AM
|
|
QUOTE(HHalphaomega @ Sep 9 2010, 09:47 AM) 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.
|
|
|
|
|
|
SUSOptiplex330
|
Sep 9 2010, 10:35 AM
|
|
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.
|
|
|
|
|
|
SUSOptiplex330
|
Sep 25 2010, 11:58 AM
|
|
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 ... Wrong. http://www.malaysianbar.org.my/non_muslim_...itance_law.html
|
|
|
|
|
|
SUSOptiplex330
|
Nov 29 2011, 05:25 PM
|
|
1. Assuming you wrote a will 20 years ago and in it, you list 2 reliable person as Executors. What if one of them passed away and you didn't change the original will so now you only have 1 Executor when you die.
2. Assuming both Executors are untrustworthy and decided to pocket some of your asset for themselves. Are there any authority/law etc to prevent that?
|
|
|
|
|
|
SUSOptiplex330
|
Jun 10 2015, 03:32 PM
|
|
QUOTE(Oracles99 @ Jul 24 2014, 10:41 PM) I have acted as an executor of my parents estate & I know that if your beneficiaries are not able to locate both the witnesses, your will is not valid. If you have a will, yr beneficiaries does not need any guarantor. *** By the way, this will is for those whose children has already attain the age of 18 years as there is no clause for the appointment of guardians. What if the witnesses died before you do? Or can't be found because he have moved overseas etc? So wouldn't it be better to do it with a bank that's more likely to be around like PB Trustee?
|
|
|
|
|