What happen if you pass away WITHOUT a Will?
➤ 01. Hardship To Your Family
Your spouse and children may face an immediate cash flow problem for family maintenance & children education because your bank accounts will be frozen (including joint name accounts).
Your children’s (below 18 years old) welfare may not be taken care of by the right people (Guardian) that you prefer.
➤ 02. Lengthy Legal Process
You need to find and appoint 2 guarantors / sureties as required by law.
Delay in distribution of estates to your beneficiaries may take 2-6 years in average due to lengthy administrative process.
➤ 03. Assets Distribution Not According To Your Wishes
Your assets shall be distributed according to the law (The Distribution Act 1958, amended in 1997, applicable for all non-Muslims) and not according to your wishes
For a deceased husband, 50% of total estates shall go to his children, 25% to his wife, and remaining 25% to his parents. If his parents die without a Will, this 25% shall be distributed among his brothers and sisters in equal share.
For a deceased wife, 50% of total estates shall go to her children, 25% to her husband, and remaining 25% to her parents. If her parents die without a Will, this 25% shall be distributed among her brothers and sisters in equal share.
What happen next?
Immediate problem faced by your beneficiary - Application for Letter of Administration (LA)
The first hurdle is to apply for the Letter of Administration or LA. Your loved ones and family members who are your beneficiary(s) may not be familiar with the legal process to go about to claim back your estates!
➤ Step 1
Your beneficiary(s) need to apply for Letter of Administration (LA) from High Court to appoint an Administrator.
➤ Step 2
Your beneficiary(s) to seek and compile deceased’s assets information and documentation.
➤ Step 3
Your beneficiary(s) to carry out self-investigation on deceased’s assets or debts.
➤ Step 4
Your beneficiary(s) to obtain LA from AmanahRaya, or Distribution Order from Small Estate Office or High Court.
➤ Step 5
Your administrator to realise deceased’s assets and settlement of debts and to prepare a complete Estate Account.
➤ Step 6
Your administrator to distribute assets according to Distribution Act 1958 (amended in 1997).
What is a Will?
A Will is a legal document in which you declare your wishes in writing for your loved ones and how to distribute your assets after you pass on.
WHY YOU MUST HAVE A WILL
The Benefits Of Will
We can never predict when will be the end of our life. So, be prepared to protect your loved ones from any unexpected event by having a Will written while it is not too late.
✔️ Benefit 01
You can exercise your rights to appoint your choice of Executor(s)
✔️ Benefit 02
You can ensure no dispute over choosing the right administrator of your estate
✔️ Benefit 03
You can decide on who, when and how much to distribute your assets
✔️ Benefit 04
You can prevent any splitting of assets among your beneficiaries
✔️ Benefit 05
You can prevent any family dispute on your estate after you decease
✔️ Benefit 06
You can ensure faster distribution of your estates to your beneficiary(s)
✔️ Benefit 07
You can appoint guardian of your choice for your children (below 18 years old)
✔️ Benefit 08
You can benefit non-immediate family members such as NGO or welfare bodies faster distribution of your estates to your beneficiary(s)
✔️ Benefit 09
You can make provision to settle debts (if any)
✔️ Benefit 10
You can protect minors' future
✔️ Benefit 11
You can include future inherited and acquired assets
✔️ Benefit 12
You can assign some of your assets for charity
✔️ Benefit 13
You can prevent your estate from takeover by government by the Law
✔️ Benefit 14
Your beneficiary(s) do not need to find any surety/guarantor
✔️ Benefit 15
The Executor/Trustee can obtain Grant of Probate within 2 to 6 months (time saving)
✔️ Benefit 16
The Executor/Trustee can raise emergency fund for your children maintenance or legal fees
Key Questions To Ask When Writing Your Will
Who will be my beneficiaries?
When should they receive their inheritance?
Who to appoint as executor?
Does this executor know what to do and how to look after the beneficiaries?
Can the executor be trusted with the assets and money?
Who is qualified to become my Executor?
Individuals or a Trust Corporation?
▽ Read More ▽
What is a Trust?
What is a Will custody?
A Will which cannot be found is as good as having no Will.
A Will is perhaps the most important document that can ensure your wishes come true and protect the well-being of your loved ones when you are not around. Protecting it and ensuring that it can be found are of utmost importance. Documents can be misplaced or lost. So can your Will.
Custody allows your Will to be kept securely on an annual or lifetime basis. This enables the Testator and Executor of the Will to gain access to the Will when needed.
HOW TO DO YOU WILL?
MyWishes2u.com is a Rockwills Franchise since 2009 to provide professional Will writing and Will custody services.
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We offer you a comprehensive Rockwills professional Will-writing services with:
Full time in-house legal advisors to support and check all Wills
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Special QR/Bar coded Will to minimize fraud or tampering
Personalized custody cards with special QR/Bar code
Personal Assets Inventory Booklet to help you organize and track your assets and liabilities
Rockwills Professional Will Custody Service
We keep your Will secure on an annual or lifetime basis to enable the Testator and Executor of the Will to gain access to the Will when needed, which:
Prevent tampering and preserve confidentiality
Safe from calamities such as fire and flood
Free from accidental or deliberate destruction
Controlled access with special Custody Identification Cards
Unique retrieval system with Personal Bar Coded Custody Card
Certain to be found when needed
Lifetime discount for rewriting your Will
Free PA Insurance