Will writing in Malaysia often remains a sensitive topic, yet it holds immense importance in ensuring your assets are distributed according to your wishes rather than default laws. In this guide, we’ll delve into the fundamentals of will writing, navigating through the intricacies to empower you with essential knowledge.
What Makes A Will Valid?
To ensure legal validity under the Wills Act in Malaysia, your will must fulfill the following requirements:
- You must be at least 18 years old.
- You must be of sound mind.
- The will must be in written form, signed by you, and witnessed by at least two individuals who are not beneficiaries.
It’s essential to note that a Malaysian will must be in written form; oral wills are not recognized.
Your will remains valid until replaced by a new one, revoked in writing, or intentionally destroyed. However, it’s automatically revoked if you get married (or remarry) or convert to Islam.
What Should Be in Your Will?
Drafting a will is a vital aspect of estate planning, ensuring your wishes are fulfilled after your passing. Your will should encompass essential components to serve as a functional document, including:
Date of the Will:
Ensure your will contains a date that matches the witnesses’ signing date.
Appointment of Executors:
Appoint individuals over 21 years old and not more than four persons. Executors are responsible for administering your estate after you pass away.
Appointment of Trustees:
Trustees hold assets on behalf of minor children or beneficiaries who may not be mature enough or are spendthrifts. They gradually distribute funds to these beneficiaries.
Appointment of Guardians:
Guardians are responsible for the welfare and care of your minor children.
Identification of Beneficiaries:
Clearly state who will receive your assets after you pass away.
Asset Clauses:
Detail your assets, specific bequests, or conditions regarding distribution.
Residuary Clause:
Include a clause covering assets not specifically mentioned in the will.
Survival Clause:
This clause addresses instances where both you and your main beneficiary are involved in accidents. If your main beneficiary does not wake up after 30 days, the next named beneficiary in your will automatically inherits the assets.
Witnesses:
Ensure at least two witnesses who are not beneficiaries’ spouses are present to sign the will.
Additionally, remember that a will does not require stamping, as it is not considered an agreement. You can update your will as needed, with the latest version taking precedence. It’s advisable to share your will with loved ones to avoid secrecy and potential complications. Lastly, consider that equal sharing may not always be the best option during the distribution process.
When is a Good Time to Write a Will?
Ideally, anyone over 18 who owns property or assets should have a will, yet only a fraction of people do. Procrastination is a common barrier, often leading individuals to consider will writing only during times of crisis. However, it’s crucial to plan ahead and ensure your wishes are documented, especially during unforeseen circumstances like illness or accidents.
How Much Does a Will Cost in Malaysia?
The cost of writing a basic will in Malaysia typically ranges from RM250 to RM500, depending on factors such as complexity and service duration. Contrary to popular belief, the cost is not determined by the value of your assets but rather the intricacy of distribution. Investing in a will ensures your loved ones are taken care of according to your wishes, making it a valuable gift for their future well-being.
Writing a will in Malaysia is essential for effective estate planning, ensuring your wishes are carried out and your loved ones are provided for. If you’re ready to start the process or have questions, reach out to us for guidance and support. Take the first step in securing your legacy today!
