E-Wills

Posted by Fetrah Abu Samah

The Qur’an reminds that wealth is offensive or trial. Very much all the problems that arise as a result of the property.

Do you love your family or your property. Both need your attention.

a will

WHAT IS WILL

Your will is a legal document in which you give certain instructions to be carried out after your death.

Are Malaysian aware of the importance of Will?

Generally  the level of Malaysians awareness with respects to the importance   of  Will is relatively very low. This is evident from the fact  that 90% of Malaysians currently not having a Will .

will

Muslim Will

i. A testator can grant property to both beneficiary and non beneficiary who is not entitled to anything under Faraid Law. Refer to faraid

ii. Only 1/3 of the unadministered assets after deduction of liabilities may thus the lawful share of the beneficiaries under Faraid Law

iii. A testator however may grant more than 1/3 of his/her property provided all lawful beneficiaries agree to such a grant after the testor’s death

Non-Muslim Will

I. The assets may be granted to any person the testator chooses.

ii. In the absence of a Will, the assets will be distributed according to the Distribution Act of 1958. Refer to distribution act

wasiat

WHY THIS HAPPEN?

1. Lack of knowledge of the distribution of Islamic rule

2. Not many Muslims who are knowledgeable in the field of distribution of the   estate in particular the Law Faraid

3. Planning division of property is not the main thing in life than wealth accumulation

Guide

1. Overview
2. Writing your will
3. Make sure your will is legal
4. Witnessing your will
5. Updating your will

1. Overview

Your will lets you decide what happens to your money, property and possessions after your death. If you make a will you can also make sure you don’t pay more Inheritance Tax than you need to.
You can write your will yourself, but you should get legal advice to make sure your will is interpreted in the way you wanted.
You need to get your will formally witnessed and signed to make it legally valid.
If you want to update your will, you need to make an official alteration (called a codicil) or make a new will.
If you die without a will, the law says who gets what.

2. Writing your will

What you should put in your will
You should set out:
• who you want to profit from your will
• who should take care of any children under 18
• who is going to sort out your estate and carry out your wishes after your death (your executor)
• what happens if the people you want to benefit die before you
When you need legal advice
You should get advice from a professional if your will isn’t straightforward, eg:
• you share a property with someone who isn’t your husband, wife or civil partner
• you want to leave money or property to a dependant who can’t care for themselves
• you have several family members who may make a claim on your will, eg a 2nd spouse or children from another marriage
• your permanent home isn’t in the Malaysia
• you’re resident in Malaysia but have overseas property
• you have a business
Keep your will safe
You should tell your executor (the person you’ve chosen to carry out your will), close friend or relative where it is.
You could choose to store your will:
• with other important documents (like your birth certificate) at home
• with your solicitor
• with your bank
• with a company that offers the storage of wills –e.g Amanah Raya
• with the Principal Registry of the Family Division

3. Make sure your will is legal

For a will to be legally binding, it must be:
• made by a person 18 or over
• made of your own free will
• made by a person of sound mind
• in writing
• signed by the person making the will in the presence of 2 witnesses
• signed by the 2 witnesses, in the presence of the person making the will

4. Witnessing your will

You need to sign and witness your will formally to make it legal. You must:
• sign your will in the presence of 2 witnesses
• get your 2 witnesses to sign your will in your attendance, after you’ve signed it
• make sure your witnesses are aged 18 or over
If you need to make any changes to your will you need to follow the same signing and witnessing process.
You can’t leave your witnesses (and their married partners) anything in your will.

5. Updating your will

You should review your will every 5 years and after any major change in your life, eg:
• getting separated, married or divorced
• having a child
• moving house
• if the executor named in the will dies

Making changes to your will
You can’t amend your will after it’s been signed and witnessed. The only way you can change a will is by making an official modification called a codicil.
You must sign a codicil and get it witnessed in the same way as witnessing a will.
There’s no limit on how many codicils you can add to a will.

Making a new will
For major changes you should make a new will.
Your new will should explain that it withdraws (officially cancels) all previous wills and codicil. You should destroy your old will by burning it or shredding it up.

Benefits of writing a Will
• To ensure that your estate and assets are given to the persons you intend to benefit.
• To determine the amount of inheritance and when a beneficiary inherits from you
• To make provisions for family members or friends with special needs or specific lifestyles
• Ability to appoint an Executor of your choice. Your Executor can be an individual or corporation, authorised by you to deal with your assets and should be experienced, independent, trustworthy and impartial so as to ensure proper administration and distribution of your estate
• To appoint the Guardian of your minor children (below 18 years of age) or special child. The Guardian will be the primary caretaker of your children who’s responsible for their well-being
• To remunerate persons in conducting specific tasks stipulated in your Will, e.g. caring for your elderly parents or your children
• To ensure that the distribution of your estate will be fast and efficient, as there are lesser formalities, thus avoiding possible erosion of the value of your estate

Governing Law and Jurisdiction

Any disputes arising from, or in connection with the service shall be construed under the laws of Malaysia hereby submit to the exclusive jurisdiction of the Malaysian Courts.

  FAQ

  1. What is a will?
  2. Does a will cover everything I own?
  3. What happens if I don’t have a will?
  4. Are there various kinds of wills?
  5. What if my assets pass to a trust after my death?
  6. Can I change or revoke my will?
  7. How are the provisions of a will carried out?
  8. Who should know about my will?
  9. Will my beneficiaries have to pay estate taxes?
  10. What other planning should I do?
  11. How can I find a lawyer to write a will for me?
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