AVA WEALTH
Consultancy
What is a Will?
A will is a declaration or the person’s last instruction. A will only takes effect when the person is DEAD.
What happens if a person dies without will?
His/ Her assets won’t automatically transfer to his/her loved ones! The assets will be frozen first and can only unfreeze through complicated legal procedures. The Law will decide the distribution of his/ her assets according the Malaysia Distribution Act 1958 (amended in 1997) or Syariah Law (Muslim), but not according to his/ her word of mouth. This will cause a delay on transferring assets due to the more complicated legal process, potential legal conflicts, family disputes and high legal costs involved.
When you have a will,
It’ll eliminate unnecessary legal costs and faster processing time as the Grant of Probate (with will) can be obtained within a few months as opposed to the Letter of Administration (without will) under the law which could take a few years to execute. The most important is you can plan a more secure future for family & loved ones instead of waiting for the Law.
3 Main Differences
With Will vs. Without Will
1. Legal Procedures/ Processing Time:
With a Will, the legal procedures involved are easier and the time taken to unfreeze the asset is shorter (6 months – 1 year).
Without a Will, the legal procedures involved are more complicated and the time taken will be longer (2 years or more).
2. Control:
With a Will, you are in control on who is the beneficiary. Without a Will, you are not in control. It will be distributed based on Malaysia Distribution Act 1958 (amended in 1997) or Syariah Law (Muslim).
3. Cost:
With a Will, the cost involved to unfreeze the asset is lesser. Without a Will, the cost involved will be higher and incur unnecessary cost.
Who can make a will?
Anyone who has attained the legal age of 18 years and above can make a will.
Who are the important people in my will?
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Beneficiary – those who will inherit your asset
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Executor – those who will execute your will
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Trustee – those who will hold your assets on your behalf
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Guardian – those who will be responsible for your children’s support, health & education
You need to rewrite your will when:
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Change of marital status (eg. married, divorced or widowed)
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Change of your witness, executor’s and guardian’s status (eg. migrate, death, relationship breakdown, bankrupt)
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Change of mind regarding your beneficiaries
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Substantial increase of wealth (eg. started a business or purchased properties)
Since the latest products available are more and more complicated, please contact us for a free explanation!