Saturday, October 10, 2009

WHERE THERE’S A WILL, THAT’S THE WAY TO DISTRIBUTE YOUR PROPERTY


Simply mind-boggling. I am referring to the RM1.5b that represents frozen cash and assets left behind by folks who died without leaving a Will.

I can't even begin to tell you the headache and frustration that I went through when my beloved sister passed away intestate (without a Will) in 2006. It has been three years and we are still waiting for the land office to finalize the transfer of name on the title deed to my mother’s name. Believe me, the entire process can be very time-consuming, tedious and expensive.

Today, 10 October 2009, my mother turns 83. How long does she have to wait before she can claim her legal rights to my sister’s share of the property?

Many of us are aware of the benefits of making a Will, but we have a huge problem with procrastination. Well, it's time we set the wheel in motion. That advice applies to me too.

Here is some useful information, extracted from the book “All you need to know about Wills”, courtesy of the author Mr Saw Leong Aun, CEO of Rockwills Corporation Sdn Bhd.

· Anyone aged 18 and above is eligible to get a Will written.
· Information required: person’s assets, names of beneficiaries, details of executors /guardians (if any) and instructions on how the assets should be distributed.
· The Will can be hand-written, typed or printed, and in any language.
· Two witnesses must be present at the signing of the Will
· The Will takes effect only upon death.
· It is revocable before your death when:
a. You (re)marry.
b. You make a new Will
c. You convert to Islam
· Choose carefully who you want to be the executor(s) of your Will. The ideal number is two although you can have a maximum of four.
· If you are unable to find a suitable executor, you can name a trust corporation to act as executor.
· If you have young children, appoint a personal guardian for them, especially if you feel your spouse is incapable of looking after them.
· You may choose a different person to handle financial matters.
· Having joint property or joint bank accounts with your spouse does not mean that he or she will automatically inherit your half share if you die intestate.

Applicable only to West Malaysia and Sarawak
What happens if a person dies intestate?

As mentioned earlier, the testator’s estate is frozen and listed at the Registrar of Unclaimed Monies until a family member comes forward to make a claim. He is required to obtain a grant of probate, letter of administration, court order and other legal documents. There will be delays in sorting out all the legal complications. There may be family disputes to deal with.

If you are interested in getting a Will written or just want more information, please refer to Mr Cheah Ho San, a professional estate planner with Rockwills Corporation. His contact number is 019-211 9980. Remember to mention SeniorsAloud for extra special service!

4 comments:

CheaHS@n said...

Wow very nicely written. Thanks

AT said...

Recently I attended a course on Will writing conducted by Public Trust(part of Public Mutual)and it was very informative. Infact,anyone is a Public Mutual customer you can get your will written for a very reasonable fee. Beside the trust can keep your will on your behalf,so you don't have to worry when it is needed.

foodbin said...

many people that i know does not make a will maybe due to ignorance or they think they will live a long life.

AT said...

foodbin you are right. Many people think it is not important untill it is too late!