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 Have you written your WILL?

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cuebiz
post Oct 26 2007, 08:35 PM

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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.


cuebiz
post Oct 26 2007, 11:25 PM

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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?
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.....
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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.
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
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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.
cuebiz
post May 8 2008, 12:08 AM

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QUOTE(*devilelle* @ May 7 2008, 01:02 PM)
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.....
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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


Added on May 8, 2008, 12:14 am
QUOTE(Shinichi @ May 7 2008, 11:55 PM)
So writing a will makes things faster and easier right?

Then do we need to pay for will? How much usually?
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Not 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
cuebiz
post Mar 5 2010, 11:12 PM

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Not recommended to DIY or lawyer. Better get professional will writer as mentioned by leongal
cuebiz
post Mar 7 2010, 07:36 AM

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QUOTE(gsdev @ Mar 6 2010, 10:46 PM)
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?
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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


Added on March 7, 2010, 7:45 am
QUOTE(3dassets @ Mar 6 2010, 11:08 PM)
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.
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3M 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
cuebiz
post Mar 11 2010, 10:58 AM

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QUOTE(zeese @ Mar 11 2010, 09:28 AM)
How much is the fee for will writing.. any rough guide?
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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
cuebiz
post Mar 16 2010, 09:12 PM

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QUOTE(M@Y @ Mar 16 2010, 06:27 AM)
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?
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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?
cuebiz
post Apr 12 2010, 10:49 AM

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If you have a large assets and running own business, it is advisable to consult financial planning company.

If go to lawyer or will writing company, they can only write what you want to put on the will but may not able to give advice on estate distribution especially if you own companies as this may involve taxation, accounting etc..You may even want to consider setting up a trust.
cuebiz
post Sep 6 2010, 11:02 PM

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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.

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The beneficiary can also be the executor. Only requirement is must be above 18 years. Seriously, if one really wants to write a will, do consider professional services rather than DIY unless you know the law inside out. It is not too expensive and usually, you only write it once unless change in marital status tongue.gif


cuebiz
post Sep 7 2010, 01:45 AM

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Even with grant of probate, it will takes about 6 months to obtain it. For LA, it may takes a long time. I don't think there are any quick ways.

Sometimes, writing a simple will is not enough. There are many things to consider such as whether a living trust is necessary, guardianship if minor is involved etc.
cuebiz
post Sep 25 2010, 11:18 AM

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QUOTE(constant @ Sep 25 2010, 12:18 AM)
If one approach a trustee company like OSK Trustee to write a will, is it better to also appoint them as the Executor? Or is it better to appoint a close relative or friend?
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Executor is an important role. If you appoint your own people, you need to make sure that they will perform the duty later on. You need to inform them first whether they willing to take on the role of executor. BTW, the executor reserves the right to charge 5% of the total assets as his fees.

IF you appoint OSK, then you can assure that it will perform the duty with transparency. Of course, it comes with a fees. You have to check with them how much they charge as it is based to tier rates.

 

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