Problems without a will
- No protection to your young children
- Hassle
- Time consuming
- Higher costs
- Unsatisfactory division of your estate – in accordance to Distribution Act 1958 (Amended in 1997)
Distribution Act 1958 (Amended in 1997)
For someone who passed on without a will, the distribution of estate will be in accordance to the Distribution Act 1958 (for Peninsular Malaysia & Sarawak)
INTESTATE LEAVING SURVIVING |
ENTITLEMENT |
Spouse only (no parent/issue) | Spouse – whole estate |
Issue only (no parent/spouse) | Issue – whole estate |
Parent(s) only (no spouse/issue) | Parent(s) – whole estate |
Spouse & Parent(s) (no issue) | Spouse – 1/2 Parent(s) – 1/2 |
Spouse & Issue (no parent) | Spouse – 1/3 Issue – 2/3 |
Parent(s) & Issue (no spouse) | Parent(s) – 1/3 Issue – 2/3 |
Parent(s), Spouse & Issue | Parent(s) – 1/4 Spouse – 1/4 Issue – 1/2 |
The following person(s) are entitled in accordance to priority when an intestate died without leaving a surviving spouse, child or parent :-
1. Brothers and sisters 2. Grandparents 3. Uncles and aunts (own parent’s brother or sister)
Great grandparents 5. Grand uncles and aunts (own grandparent’s brother or sister)
6. Government
Issue : Includes legitimate children and the descendants of children
Parent : Natural mother or father of a child or the lawful mother or father of a child under the Adoption Act 1952.
Intestate Succession Ordinance 1960
For someone who passed on without a will, the distribution of estate will be in accordance to the Intestate Succession Ordinance 1960 (for Sabah).
INTESTATE LEAVING SURVIVING |
ENTITLEMENT |
Spouse only (no parent/issue) | Spouse – whole estate |
Issue only (no parent/spouse) | Issue – whole estate |
Parent(s) only (no spouse/issue) | Parent(s) – whole estate |
Spouse & Parent(s) (no issue) | Spouse – ½ & All Personal Chattels Parent(s) – ½ |
Spouse & Issue (no parent) | Spouse – 1/3 Issue – 2/3 |
Parent(s) & Issue (no spouse) | Parent(s) – Nil Issue – whole estate |
Parent(s), Spouse & Issue | Parent(s) – Nil Spouse – 1/3 Issue – 2/3 |
The following person(s) are entitled in accordance to priority when an intestate died without leaving a surviving spouse, child or parent :-
1. Brothers and sisters 2. Grandparents
3. Uncles and aunts (own parent’s brother or sister) 4. Government
Issue : Includes legitimate children and the descendants of children
Parent : Natural mother or father of a child or the lawful mother or father of a child under the Adoption Act 1952.
Benefit of writing a will
- You decide how to divide
- You choose Executor
- You choose Guardian for children
- Avoids disputes
- Saves hassle
- Much shorter time
- Does not need guarantor
- Lower costs for Probate than LA
- Quick, convenient and inexpensive to do
Legal requirements for a valid will
A valid will must comply with the Wills Act 1959, where –
- It must be in written form – hand written or type written
- Signed by the testator in the presence of 2 witnesses
- Signed by 2 witnesses in the presence of testator
- Testator must be at least 18 years old (for Peninsular Malaysia & Sarawak) or 21 years old (for Sabah)
- Testator must be of sound mind
Professional will custody
A will is normally expose to –
- Theft
- Misplacement
- Unwanted tampering
- Accidental/deliberate destruction
- Natural disasters, e.g. flood, fire
- Being frozen in safe deposit box
- Risk of going to wrong hands
Will custody service by Rockwills Corporation Sdn Bhd provides you with-
- Certain to be found when needed
- Free from accidental and deliberate destruction
- Prevent unwanted tampering
- Preserve confidentiality
- Safe from calamities
Checklist for will writing
Writing a will is simple and hassle free, what you need to do are listed below –
- List down your choice of executor / trustee and their particulars
- Choose a proper guardian for your minor children
- Prepare a list of beneficiaries and their particulars
- List down all valuable assets
- Any special instructions