A will is a legal document that lists down your wishes regarding distribution of your assets, property, and care of minor children (if any). To ensure that your wishes are carried out, a will must be set forth in writing signed by you and your witnesses. It is important to make sure that your will meets the standards set by law. Otherwise, your instructions may not be carried out.
Why Do I Need A Will?
- A legal will is important because it tell others your wishes during a health crisis or upon passing (situations where you may not be able to express your wishes yourself)
- It distributes your assets & gifts in accordance to your wishes
- It helps prevent and reduce family conflicts (especially in a big family)
- If you have children below 18, you can appoint a trustworthy guardian to protect the welfare & interests of your children
When Can I Write A Will?
- If you are above 18 & of sound mind, you can already write your own will
- It is recommended to write your own will when you are young as long as you have any assets under your name. Don’t wait until your 60s or 70s in case something unexpected happens
- You will require at least 1 Executor, 2 Witnesses & Trustee(s) (if necessary for minors below 18 and/or a trust fund)
How Do I Write A Will?
- In Malaysia, you can legally write your own will as long as you ensure that it meets legal requirements. This works only when you have limited, uncomplicated assets & want to leave your assets to only one or two people.
- You can engage a lawyer that handles will writing services. Find out how many will writing cases the lawyer handles per year to gauge the lawyer’s expertise.
- You can engage a will writing professional who specializes in will writing. It may be more cost effective due to it being a specialized service niche. Will keeping & trustee services are usually provided for an additional charge.
What Do I Need To Prepare?
- Your full name, NRIC number and address
- The name, NRIC number and address of your executor(s) (1 or 2 person)
- The name, NRIC number and relationship of your beneficiaries and the assets to be given to each
Beneficiaries
- Your named beneficiaries will receive your possessions as per your wishes
- Consider setting up a trust as it helps your heirs receive assets quicker and without expensive and time-consuming legal processes
- Your EPF savings & insurance will have nominees named & the claimed amount will automatically go to them
Reviewing & Updating
- A review is necessary when there are significant changes in your assets & possessions
- Changes in relationships: death, marriage, divorce, new children or grandchildren
- Review every 3-5 years
FAQ
Q: What are a will’s requirements?
Handwritten or typewritten in any language (But if it is not in English, the translation must be certified by court)
Signed (or thumbprint) by testator (will maker)
Witnessed by at least 2 witnesses who witness the testator’s signature & sign in presence of testator & each other. Witness does not need to know the will’s contents. Witness should not be a beneficiary otherwise will lose all benefits in the will.
Q: What is the Executor’s role?
- Locate the Will
- Make funeral arrangement (if necessary)
- Apply for Grant of Probate (GP)
- Call in assets
- Clear debts & liabilities
- Prepare a statement of account
- Distribute assets according to will
Note: You can have 1 to 4 executors with one required for application of probate
Q: What is the Trustee’s role?
Administer the estate when properties cannot be distributed (E.g. minor under 18 OR until trust period ends)
Manage estate according to instructions & powers given by the Will according to the Trustee Act. Trustees cannot benefit personally from the role.
Q: Should I appoint different persons as Trustee & Guardian for my children?
- Trustees holds the assets for your children.
- Guardian takes care of the welfare or your children.
Having different persons will help ensure balance and reduce conflict.
Q: Is a will revoked by marriage or divorce?
Marriage: Yes (unless with ‘contemplation of marriage’ clause)
Divorce: No
Q: What may not be included in a will?
- EPF where nominee has been named
- Insurance policies with nomination
- Assets held in a trust
Q: What is the difference between a Grant of Probate (GP) or Letter of Administration (LA)?
GP: (If there is a will) A court order that allows Executor to administer deceased person’s will. Takes 3-12 mths.
LA: (If there is no will) An application is required for a LA to unlock a deceased person’s frozen estate. Takes 2-5 years.
Q: What are the common trusts?
- Education Trust Fund for children
- Maintenance Trust Fund for parents
- Maintenance Trust Fund for spouse
- Trust Fund for handicapped family members
- Charitable Trust Fund on charity expenses
Q: Will there be charges for changing the will?
It depends. There will be minimal/no charges for minor changes. Will changes are typically made upon re/marriage, divorce/separation, birth/death of beneficiary, significant change in assets/estate.
Q: Is my executor entitled to payment from the estate?
Yes. Your executor & trustee is entitled to deduct a reasonable estate expense incurred for administering your estate including legal fees. A professional legal firm or trust company will typically charge a fee for acting as executor and trustee. Even if your relative or friend is administering the estate, they are entitled to a reasonable fee.
Q: What is a soldier’s will?
An informal privileged will for soldiers, airmen & sailors
