WHY DO WE NEED A WILL? A STORY ABOUT WILL
Monday, April 14, 2008
To my blog readers, just wanna to share this information which has benefited myself and hopefully to others ...
Many thanks to the email sender, Encik Bakri Mohamad whom is very kind to send it to me ...
Q : What is a Will ?
A : A Will is a declaration made by a testator, in the form prescribed by law, as to how his property is to be distributed when he dies.
If the person making a Will is a man, he is called the testator ; and if a woman, a testatrix.
The Will authorizes an executor (a man) or an executrix (a woman) to collect assets, pay off debts and divide the property according to the wishes of the deceased as stated in the Will.
Q : Who can make a Will ?
A : Anyone whom have obtained the legal age of their country can make a Will. You can even write your own Will and you need not go to a lawyer unless your affairs are very complicated.
The person making a Will is referred as to Testator/Testatrix (male/female) .
General Requirement: -
· Sound mind
· If the testator is under drug influence (in medications/ hospitalized) , It advised to obtain an letter from the medical practitioner stating that is testator is sound of mind and not in influence of any medications.
· Muslim estate distribution are governed by Syariah Law.
Requirement for residents in Malaysia:-
- Attained the age of 18 for Peninsular Malaysia and Sarawak (Section 4 Wills Act 1959 )
- Attained the age of 21 for Sabah (Section 4 Wills Ordinance 1953 )
- Sound mind (Section 3 Wills Act 1959)
Q : Do you need a lawyer to make your Will ?
A : Anyone can make a Will. You can write your own Will. And you need not go to a lawyer unless your affairs are very complicated.
Q : What would happen if there is no Will ?
A : Without a Will, a Letter of Administration (LA) is required and must be granted before the Court could distribute the assets of the deceased. The LA usually takes time and incurs high legal costs. In the meantime , the assets will be frozen. Even the money of the deceased in the bank account cannot be touched by those who really need it, for example, to send children for education or for loan repayment. Hence, this will cause more stress and burden.
Q : What is the benefits of Writing Will ?
A : To ensure that your hard-earned assets go to the people you want to benefit in the manner that you wish. Without a Will, the Law will decide on who shall inherit your assets.
A proper Will will facilitate the legal process. Thus, it relieves your loved ones from stress and burden, i.e. by reducing unnecessary complex legal battles and legal / administrative cost.
Without a Will, the assets of the deceased will be distributed as the Court dictates under Distribution Act. This might cause delay, legal conflicts, family disputes, addition cost and stress.
Q : When does a Will take effect ?
A : A Will takes effect when a person dies. The Will is opened after a person’s death.
Q : What properties cannot be dealt with in a Will ?
A : 1. Insurance/Takaful policies under Section 166 Insurance Act 1996
2. Insurance/Takaful policies effected under Civil Law Act Section 23 (1956).
3. EPF where nominee/s has/have been named.
4. Properties held under joint ownership. e.g. joint bank account where the mandate gives the right of survivorship.
5. Native properties.
6. Other Ancestral properties (harta pusaka).
Q : Does Divorce affect a Will ?
A : Divorce does not revoke a Will. However, if you are divorced or separated, you should consider making a new Will.
Q : Does EPF operate outside the Will ?
A : Yes, it does. Under the Employees Provident Fund (EPF) Act, you may nominate where your money goes upon your death. So if you have made a nomination under the EPF Act, your nominee(s) will be entitled to the fund in your EPF Account, regardless of what your Will states.
If you have not made a nomination, your EPF fund will be distributed according to your Will, if any, or according to the intestacy laws.
Marriage revokes a nomination. So if you get married after making a nomination, it is automatically cancelled. Make a new nomination after your marriage.
Act Now & Take care of your Loved One's
BAKRI CHE MUHAMAD
(Hp: 019-2366648 / email: bakri.cm@gmail. com)
