Anybody with assets and loved ones needs to have a Will. But why is there still many Malaysian do not have their Will written? There are 40 billion Ringgit worth of estate unclaimed as published in the news headline early Feb 2007.
Anyway, don’t bother with those who didn’t write their will. Just start to get yours written for these benefits:
Without a will written, the person is called die intestate. This require his heirs to apply for the Letter of Administration (LA) instead of Grant of Probate (GP). The legal fees is higher for LA application. Don’t believe? Ask your lawyer.
Your wish vs Government’s wish
You state your wish in your Will: Who should get your asset? How much your wife should get? Should you give your sister some money as well? If you have the same thinking and mind set of the government, just follow the Distribution Act 1958 (amended 1997).
Executor vs Administrator
You can appoint an executor in your will. If none appointed, many people can apply to be the Administrator of your estate. Those people eligible include your legal heirs, your creditors, your not-trust-worthy-relative.
Yes! If you have minor children (age below 18), you ought to write your will now! There is no other way to appoint a legal guardian except by writing a Will.
No need 2 sureties
2 sureties (someone act as a guarantor to your estate administration) needed for application of LA. Imagine if your best friend passed away without leaving a will. His son asks you to be one of the sureties required by court. You will have to disclose all your asset to prove that you have more than the deceased estate. If his son runs away with the estate money, you will need to compensate the legal heirs with your own asset. Do you want to sign the paper?
Photo Credit: Ho Boon Kit