Will & Trust

Why do you need a will?

• You have control over the distribution of your assets. • You get to appoint an executor of your choice to administer your estate. • If you have minor children, you have your say as to who could be your children's guardians. • No sureties or surety bonds are required when applying for a Grant of Probate. • The probate process is normally faster than the process required for letter of administration (in the absence of a will). • The legal fee for probate is normally cheaper than the legal fees for letter of administration. • You decide who your beneficiaries will be and when they can receive your assets and in what proportion. • Less traumatic for your loved ones as it will exclude others from claiming your assets and delaying the process of distribution.

Criteria for a valid will:

• The will must be signed by the testator (the person who writes the will) in front of two witnesses. • The testator must be above age 18 and of sound mind. • The will must be in written form but need not be stamped. It is not advisable to write your own will unless you have the knowledge and experience to do so. Without sufficient knowledge to write a will, you may miss out important requirements that may render the will invalid. The cost spent on a professional will writer is well worth it.

What happens if you die without a will?

• If your assets are valued at more than RM600, 000, your family will be required to obtain two persons as guarantors. These persons must have personal assets of the same value or more than yours at the time of your death. • If your assets are less than RM600, 000 your family will need to put up a surety bond, whereby the amount shall be decided by a judge. • Your assets will be distributed according to the Distribution Act 1958, which may not align with your own intention. • Your family will have to decide and agree upon who will be the executor(s) or guardian(s) for your children

Distribution Act 1958 (Amended in 1997)

Loved Ones Left Behind	Who They Are	What They Get
Spouse + Children + Parent(s)	Spouse Children Parent(s)	1/4 2/4 in equal shares 1/4 in equal shares
Spouse + Children, no parent	Spouse Children	1/3 2/3 in equal shares
Spouse + Parent(s), no children	Spouse Parent(s)	1/2 1/2 in equal shares
Children + Parent(s), no spouse	Children Parent(s)	2/3 in equal shares 1/3 in equal shares
Parent(s) only	Parent(s)	Whole estate in equal shares
Spouse only	Spouse	Whole estate
Children only	Children	Whole estate in equal shares