By : Joshua Jason Ng

 

In our experience here at Aizat, Josh and Peck, we have encountered many a person that does not believe that having a “Last Will and Testament” or “Will” for short, is something that is necessary. They think that it is something of a hassle and in some cases of extreme superstition, they might even believe that making such plans is a bad omen!

We’re here to tell you that nothing can be further from the truth. In fact, there are many benefits to having a Will in Malaysia that you might not know about. But before we get into all that, perhaps its proper to give you a very brief overview of the administration process in Malaysia.

 

The administration of the estate of a deceased person involves the following three steps:

• The representative (executor/administrator) will collect the deceased’s estate;
• The representative will pay the deceased’s debts and liabilities (if any); and
• The representative shall distribute the remainder of the estate.

The distribution of the estate usually revolves around three distinct scenarios:

• In the case of testacies, the distribution is done according to the terms of the Will
• In the case of intestacies, the distribution is done according to the Distribution Act  1958, with the exception of Muslim estates
• Is the case of partial intestacies, the distribution is done according to the terms of the Will for the property that is disposed in the Will and according to the Distribution Act for property not disposed of in the Will, with the exception of Muslim estates.

 

Now, lets talk about the benefits of having a Will.

1. CONTROL OVER THE DISTRIBUTION OF YOUR ASSETS

What can be considered the most vital part of having a Will is You, the testator, having the right to choose how the assets you have worked your entire life to gather, are distributed and to which beneficiary said assets are distributed to. You also get to choose someone you trust as your executor, who will be in charge of the administration of your estate. This directly ties in to the point below.

2. AVERSION OF FAMILY CONFLICTS

A death in the family is never easy for one reason or another. Add in the element of money and property to the mix and the chances of a family bust up drastically goes up! By having a Will outline the distribution of the assets upon your passing, your intentions are made clear and this will help curtail any potential infighting amongst family members.

3. STRAIGHTFORWARD PROCEDURE

An underrated aspect of having a Will, is just the sheer difference in procedure that your beneficiary(s) would have to undergo in obtaining a Grant of Probate as opposed to the Letters of Administration. The paperwork and time frame to obtain a Grant of Probate is in general, relatively shorter in comparison to the application for a Grant of Letters of Administration.

4. PEACE OF MIND

In the event you pass without leaving a Will, you are said to have died intestate. This would mean that your estate shall be distributed according to the computations provided for in the Distribution Act 1958. Understand that this would mean that any distribution done would not necessarily be in line with your intentions during your lifetime. You are also no longer in control of who will be the executor of the estate. As mentioned above, these are all elements that contribute to unnecessary strife in the family.

 

In conclusion, should you have the opportunity to create a Will, please do not hesitate as it helps protect the interests of your family and loved ones. Please do not hesitate to contact us for further advice.