Trusting the power of the will
A will is a document that states your instructions on how your assets are to be distributed upon your death. It can be in any written language.
Just as you need to pay for expenses related to house purchase, for example the Sales and Purchase Agreement, valuation fees and so on, expenses are also incurred to execute a will.
Therefore, even though you have named your beneficiaries in the will, they still need to pay for the execution expenses. Can they afford it? Do they have the resources to pay for it? These are some hurdles your family faces before the assets can be transferred to them.
With a carefully plan funded will, expenses associated with will execution can be met. We will help you estimate how much the execution expenses required and you decide how much coverage you need to plan for this future expense.
The ING selected agent has it tailored to provide for this need.
Just as you need to pay for expenses related to house purchase, for example the Sales and Purchase Agreement, valuation fees and so on, expenses are also incurred to execute a will.
Therefore, even though you have named your beneficiaries in the will, they still need to pay for the execution expenses. Can they afford it? Do they have the resources to pay for it? These are some hurdles your family faces before the assets can be transferred to them.
With a carefully plan funded will, expenses associated with will execution can be met. We will help you estimate how much the execution expenses required and you decide how much coverage you need to plan for this future expense.
The ING selected agent has it tailored to provide for this need.
The ING Funded Will is a package of services, comprising My Legacy which provides the will writing services, Perpetual Trustee Berhad or Amanah Raya Berhad.
You can also add in allocation of funds for:
• Stamp duty and legal fees for transfer of properties
• Monthly living expenses for your family or parents, children school fees, utility bills, installment of loans, etc
• Funeral expenses, guardian allowance, settling off any mortgages and loans
Your family will receive all your assets net instead of having to deduct any expenses, mortgages or loans taken.
Let your family enjoy:
• Hassle-free will execution process
• Peace of mind
• No worries on will execution expenses
• 100% of your assets
You can also add in allocation of funds for:
• Stamp duty and legal fees for transfer of properties
• Monthly living expenses for your family or parents, children school fees, utility bills, installment of loans, etc
• Funeral expenses, guardian allowance, settling off any mortgages and loans
Your family will receive all your assets net instead of having to deduct any expenses, mortgages or loans taken.
Let your family enjoy:
• Hassle-free will execution process
• Peace of mind
• No worries on will execution expenses
• 100% of your assets
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 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 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 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.
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.
• 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
• 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 Are They What They Get Spouse + Children + Parent(s)
Spouse
Children
Parent(s)1/4
2/4 in equal shares
1/4 in equal sharesSpouse + Children, no parent Spouse
Children1/3
2/3 in equal sharesSpouse + Parent(s), no children
Spouse
Parent(s)1/2
1/2 in equal sharesChildren + Parent(s), no spouse
Children
Parent(s)2/3 in equal shares
1/3 in equal sharesParent(s) only Parent(s) Whole estate in equal shares
Spouse only Spouse Spouse Whole estate
Children only Children Whole estate in equal shares
(Amanah Raya) PUBLIC TRUSTEES
Malaysia Law - Acts related to Estate Distribution