What Is A Will?
A Will or Testament is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his or her property at death.
Though it has at times been thought that a “Will” was historically limited to real property while “Testament” applies only to dispositions of personal property (thus giving rise to the popular title of the document as “Last Will and Testament”). Thus, the word “Will” validly applies to both personal and real property. A Will may also create a testamentary trust that is effective only after the death of the testator.
Will Writing Services
It is often said you should hope for the best and plan for the worst. Having an up-to-date will is the first step in ensuring your assets and property are accounted for and will be distributed in accordance to your wishes. Will Writing in Malaysia is becoming more popular as the Malaysian public become aware of its importance to their family. Many people don’t realise the problems their family have to go through if they die without a Will.
What Happens In The Event Of Your Death Without A Will (Intestate)
Your assets will be distributed according to the formulas set out in the Distribution Act 1958, and not according to your wishes or the needs of your family members;
The court will appoint a trustee and executor to administer your estate, and this may give rise to disputes between family members or beneficiaries on who should be appointed;
The court will appoint a guardian for your minor children, and the person appointed may not be your preference;
The distribution process will take longer and cost more thus requiring a bond and the appointment of 2 sureties to guarantee the proper administration of the estate, as well as further court decision in order for the transfer of the real property.
Section 6 of the Distribution Act 1958 sets out various scenarios for intestacy and provides a fixed formula for the distribution of the person’s assets. The following are some examples:
Spouse, Issue and Parent(s)
Spouse: 1/4; Issue: 1/2; Parents: 1/4
Spouse and Parent(s)
Spouse: 1/2; Parent(s): 1/2
Spouse and Issue
Spouse: 1/3; Issue: 2/3
Parent(s) and Issue
Parent(s): 1/3; Issue: 2/3
Distribution Act 1958 applies only for West Malaysia and Sarawak. Issue means children and descendants of children Parent(s) – natural mother or father of a child / lawful mother or father of a child (Adoption Act 1952).
The following are entitled according to priority if you die without a Will and not leaving behind spouse, issue and parent(s).
- ZBrothers and sisters - In equal shares
- ZGrandparents - In equal shares
- ZUncles and aunts - In equal shares
- ZGreat grandparents - In equal shares
- ZGreat uncles and aunts - In equal shares
- ZGovernment - Whole Estate
|Will-Writing Fee : RM1,100 Onwards|
Process Of Administration
It is not easy dealing with paperwork and meeting officials on asset transfer and debts during the absence of a loved one. At UBB Amanah, we take care of the documentation for you. By planning ahead, we can advise you on the best methods of minimising tax burdens and ensuring a smooth distribution of assets. UBB Amanah also specialises in Syariah compliant trust and wills catering to the need of individuals and institutions that may require such service of advice.
We have reputable board members and many advisors specialising in estate and succession planning. Our team has vast experience and connections which will help smooth out the process for you and your family.
UBB Amanah has more than three decades of experience and has been trusted ever since. We’ve got your back. Here’s how it works:
Upon The Receipt Of Donor’s Death Certificate
UBB Officer Will Extract The Will
Provide Instruction to a Legal Firm to Obtain Grant of Probate
Ascertain All the Estate Assets and Liabilities
Settle All The Debts
Executorship & Administration
Administrating an estate and dealing with legal procedures can be stressful for those ill-equipped for the job. We will make sure all the correct procedures and processes are followed, providing peace of mind to your beneficiaries.
Whether you are concerned about outstanding taxes or settling matters with debtors, we will take on the details so your estate can be settled and distributed effectively.
UBB AMANAH BERHAD
B-G-09 Galeria Hartamas,
No.21, Jalan 26/70A,
Desa Sri Hartamas, 50480,
B-G-07 Galeria Hartamas,
No.21, Jalan 26/70A,
Desa Sri Hartamas,