Will Writing Tips

Will & Trust Tips

What is a will ?
A legal document in which you declare your wishes for your loved ones and how to distribute your assets after you pass on.

Why do I need a will ?
Without a will, your assets could be more troublesome than beneficial to your family at a time when they are most vulnerable. They could become involved in a long drawn process with the law or a complex legal battle.

Without a will, the law will decide who your beneficiaries should be. You should never assume that your assets would go to the person you want to benefit. Leave nothing to chance. Make a will and the law will protect your wishes. 

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WHY IMPORTANT OF WRITING A WILL

GENERAL MISCONCEPTION

Most people generally presume that their assets will 

automatically go to their loved ones when they passed on.

What have you done to ensure your loved ones are protected?

ESTATE PLANNING IS THE FOLLOWING STEP: 

START OFF WITH WRITING A WILL!!

In short, WITHOUT a WILL …

• LONG DELAY
• HASSLE
• INCREASED COST
• UNSATISFACTORY DIVISION OF ASSETS

Benefit Of WILL

  You decide how to divide

  You choose Executor

  You choose Guardian for children

  Avoids disputes

  Saves hassle

  Much shorter time

  Does not need guarantor

  Lower costs for Probate than LA

  Quick, convenient and inexpensive to do

What esle can a WILL do for you and your loved ones

• Appointment of Executor

• Appointment of Trustee

• Appointment of Guardian

• Funeral arrangement

• Testamentary Trust

• Terms of endearment

• Donation of body parts

DO NOT WORRY!

Operates only as a declaration of intention/wishes

It is not a legally binding contract before the triggering event (death)

You still gain full control and you are still the legal owner of your assets

You can change your mind and amend your will anytime without consent from anyone

GIVEN A CHOICE….

1.Do you want to appoint the person you trust to manage your estate?

2.Do you want to appoint the person you trust to take care of your loved ones?

3.Do you want to be able to decide on who to inherit your estate?

4.Do you want to prevent your loved ones from fighting over your estate?

5.Do you want your loved ones to have access to your estate as soon as possible?

6.Do you want to prevent your estate from ending up with the government?

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Ask yourself again:
1. Do you want to put your spouse and children through a long legal process?

2. Do you want someone not chosen by you to manage the estate for your spouse and

children?

3. Do you want to put your spouse and children through the difficulty of finding 2 persons to

be sureties (guarantors) for the administration bond?

4. Do you want your spouse and children to be burdened with high distribution costs and

administrative delays in distributing the assets?

5. Do you want your beneficiary to argue who pays for all the high costs?

If you answer any of the above as ‘No’, then you will need to write a will.

And what he or she needs to know and do  …

• What is difference between Grand of Probate and Letter of Administration?

• Who can apply Grand of Probate or Letter of Administration?
• How to apply Grand of Probate or Letter of Administration?
• What is Will still valid without an executor?
• Who can be a witness?
• Who can contest your wealth distribution?
• Who can be a guardian?
• Can a husband benefit his second ‘wife’ in his will?
• Can a Will be recorded in a video tape?
• Is the simple Will done in the hospital valid?
• Why create a Trust?
• How is a Trust related to Will?
• How do I protect my wealth and loved ones with a Trust?
• Will the Trust assets be frozen upon Settlor’s death? Why?
• Does the Settlor have control over the Trust assets before the trigger event happens?
• What happens if the Trust Asset is also mentioned in the Will?

Do you know that with a Will, you can:

• Decide who shall be your beneficiaries.

• Determine who, when and how much to distribute.
• Appoint an experienced executor, such as Rockwills Trustee Bhd to administer your estate.
• Specify which asset should be used to pay your debts first.
• Avoid administration bond.
• Set up testamentary trust to maintain your minor children and old aged parents.
• Prevent splitting of assets among many beneficiaries.
• Prevent dispute over your money.
• Appoint guardian of your choice.
• Save cost by obtaining Grant of Probate within 2 to 6 months.
• Include future inherited and acquired assets.
• Give back to charity.
• Prevent estate from going to government.
• Unlock your frozen assets with a Will.
• And much more

For example:
If Mr. A passes away without a will, leaving behind his wife, surviving father, 5 brothers and sisters, and 3 children, the Distribution Act 1958 (Amended in 1997) shall follow the Act as illustrated in the diagram below:"


Without a Will what is yours will not be yours until the court decides.  It is not about what you have but who you care for!!!

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Protect your family with a will TODAY!  Spend 1 minute with us to help you make your wishes come true!

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Will Writing Guide

Here are some practical tips to guide you on how to start drafting or writing a will. You need to consider five major questions to determine how and who to pass the estates. First of all, determine and think twice the right executor for the will. The executor here plays an important role to oversee your estate/assets when you die. The executor must be reliable, trustworthy and honest.

Well, if you are not sure whom to choose as your executor, you can always go to a trust corporation to request for a responsible executor. If your assets are only small amount, then you can pick your beneficiaries as the executor. Come up with at least 2 to 3 possible candidates as your executor.

Next up, after determining your executor, select a guardian. A guardian is selected to administer and care for children below the age of 18. Your spouse would usually take over the role as the guardian but in case both of you die together (in an accident) it is safer for you to name another guardian for emergency cases. Select relatives or close friends as the guardian to care for your children. Seek their opinion before naming them as the guardian.

Finally, you now have to decide the right beneficiaries. These are the people that will benefit and receive your estates when you die. Beneficiaries can be spouse, parent and children or even charity organizations. If you are thinking of leaving all your estates to only one person, remember to name an alternative beneficiary in case the original beneficiary dies.

Now that you have identify your (i) executor, (ii) guardian and (iii) beneficiaries, it is definitely time to list out all the assets such as insurance, shares, solely/joint bank accounts, properties, foreign assets, car and any other valuable items i.e watches, jewelleries, painting etc . The final step when drafting a will is to decide who gets your asset. You can choose to leave your estates to more than one individual but ensure that you specify an amount to the beneficiaries to prevent arguing.

Above are guidelines and tips meant for individuals to draft a will. Here is a little reminder for those who own business – draft a will as soon as you establish the business with your partners to avoid complications when you die. Writing a will for your business is more important because it involves other individuals. When you die, there is a possibility of disputes to determine who should be taking over the business. Without a will, the business will bring forward to the court to be decided.

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