How to draft a Will?

How to draft a Will? 

 

Who could assist you?

Cost

Remarks

DIY (Do It Yourself)

Free of charge

The DIY Will may be void due to the lack of legal knowledge and non-compliance with the formality

Lawyers

Vary depending on the law firms’ charges

Family members or executor of the deceased may return to the law firm and proceed to apply for the grant of probate 

Private Companies

Vary depending on the packages offered by the Companies & they might also quote based on the amount of assets 

Some companies may promote various packages and charge annual administration fee etc.

 

 Contents of a Will

A personalised Will will be drafted according to the wishes of the will maker.

The basic contents of a Will should includes the following:-

No.

Items

Description

1.

Date 

The date of writing the Will

2.

Full Name & Identification Number

The name, address and IC/passport number or passport of the Will maker

3.

Revocation Clause

A declaration to revoke the earlier Will or earlier testamentary dispositions

4.

Last Will Clause

A declaration as to the Last Will and Testament

5.

Choice of Law Clause

A clause that the Will be construed and to take effect according to the laws of Malaysia

6.

Appointment of Executor

A clause to appoint an executor/executors, including another executor/executors in default of execution of the former

7.

Appointment of Guardian

A clause to appoint a guardian or guardians of children until they attain 18 years old

8.

Arrangement and Distribution

A clause to identify and distribute the assets. It shall contain the specific or general description of assets and the beneficiaries.

9.

Debts, Funeral and Testamentary Expenses

Arrangement to settle such debts, funeral and testamentary expenses

10.

Residuary Clause

A clause that disposes of assets that is often overlooked by the will maker

11.

Signature of will maker

At the end of the will (some may initial at the bottom of every single pages)

12.

Attestation of two (2) witnesses

Their signatures, names and NRIC number 

 

What kind of assets you could include for distribution in your will?

  1. Immovable properties (residential properties , commercial properties, factories, lands etc)
  2. Movable properties (motor vehicles, machinery and equipment etc)
  3. Bank accounts (cash, fixed deposit etc)
  4. Investments (shares, stocks, debentures etc)
  5. Intellectual property (copyrights, patents, designs)
  6. EPF and insurance (if without any nomination)
  7. Trust property (property which is being held by a trustee on trust for your benefit)
  8. Personal belongings (jewellery, painting, antique etc)
  9. Future benefits (assets which you may receive in the future by way of inheritance or acquisition)

How to distribute?

With a will:

You may arrange to distribute your assets in any manner you wish and put them down in black and white with the assistance of professionals.

Without a will:

The law rules the method of distribution of your estate in the absence of any will.

An estate will be distributed according to the law under Section 6 of the Distribution Act 1958 upon someone’s death in the following manner:

Scenario

Distribution

Surviving spouse, no parents, no issue

Surviving spouse entitled to the whole

Surviving issue, no spouse, no parents

Surviving issue entitled to the whole

Surviving parents, no spouse, no issue

Surviving parents entitled to the whole

Surviving spouse & parents, no issue

Surviving spouse     : 1/2

Surviving parents    : 1/2 

Surviving spouse & issue, no parents

Surviving spouse     : 1/3

Surviving issue        : 2/3

Surviving issue & parents, no spouse

Surviving issue        : 2/3

Surviving parents    : 1/3

Surviving spouse & parents & issue

Surviving spouse     : 1/4

Surviving issue        : 1/2

Surviving parents    : 1/4

 Note:  Spouse = Husband/Wife

            Issue     = The children 

            Parents = Father & Mother   

 

If someone dies without any surviving spouse, parents or issues, the whole of the estate of the intestate shall be held on trusts for the following persons and in the following order and manner:-

Firstly, on trusts for the brothers and sisters of the intestate in equal shares; then

⇩

Secondly, for the grandparents of the intestate in equal shares; then

⇩

Thirdly, on trust for uncles and aunts of the intestate in equal shares; then

⇩

Fourthly, for the great grandparents of the intestate in equal shares; then

⇩

Fifthly, on trust for great grand uncles and great grand aunts of the intestate 

in equal shares

⇩

If, and only if, the deceased died without any immediate surviving family or relative as mentioned above, the Government of Malaysia shall be entitled to the whole of the estate.

 

For any further enquiries, please visit:

Website          : www.yeepartners.com.my

 

 

Disclaimer:

The information published in this article is provided for general informational purposes only and does not constitute any legal advice from the Yee & Partners. Feel free to seek legal advice from our professional lawyers.