Will Writing & Estate Planning In Malaysia
It is extremely important to write a will in Malaysia. If you do not have a will, consider writing your will today.
Below are some of the reasons why you need to write a will and plan for your estate (assets) today.
If you do not have a will, your family members will have to face problems such as:
- Delay in inheriting your assets (May take up to few years!);
- Costly legal and Court fees; and
- Your assets will be distributed in accordance to the law. (Specifically under Section 6 of the Distribution Act 1958)
Therefore it is crucial to get your will written today to prevent such problems.
Why You Need To Write A Will In Malaysia
- Your family members can get to inherit your property faster.
- Your family members pay less legal and court fee.
- Your assets will be inherited by the right beneficiaries of your choice.
So what do you need to consider before writing a will in Malaysia?
- Appoint an Executor (An Executor is someone you can trust to administer your assets after your passing. He or she needs to collect your assets, pay off your debts/liabilities from your assets and distribute your assets to the beneficiaries of your choice.)
- Appoint a Guardian (A Guardian needs to be appointed if you have minor children. In the event you fail to appoint a Guardian of your choice under your will, the Court will appoint one for you which might not be your choice.)
- List your Beneficiaries (Select which Beneficiaries will inherit your assets. It is advised to be as specific as possible to prevent any dispute in the future.)
- Settle your debts (Yes, you can definitely write in your will how to settle your debts such as housing loan, car loan etc.)
- Residue Assets (You need to indicate who will also inherit your remaining assets, if any, to prevent any dispute in the future.)
How To Write A Valid Will In Malaysia
To ensure that your will is legally valid in Malaysia in compliance with the Wills Act 1959:
- Your will needs to be in writing;
- You need to have 2 witnesses;
- You need to be in sound mind; and
- You need to be 18 years old & above.
Frequently Asked Questions About Will Writing In Malaysia
Q. When is the right time for me to write a will?
A. The time is now. You do not know what will happen tomorrow. It is also advisable to write a new will once you are married, divorced, have children or purchase a new property (or acquire new asset).
Q. Should I appoint a lawyer to write a will?
A. Advisable to engage a lawyer to write a will due to the complexity of the law and to ensure that your will is well drafted.
Q. After signing my will, do I need to stamp my will?
A. No. There is no such requirement under the law. Your will is legally valid even if it is not stamped.
Q. Can a Muslim write his/her will with TYH & Co.?
A. No. For Muslim, you need to consult a Syariah lawyer.
Q. How can I revoke my old will?
A. Your old will will be revoked automatically after you have executed a new will.
Q. Can I include foreign assets in my will?
A. Yes. For assets such as bank accounts and shares you can include in your will in Malaysia. However, for assets such as house, land or shops, you need to write a separate will in the particular country.
Q. How frequent do I need to review my will?
A. It is advised to review your will once every 3 years. You need to write a new will once you had bought a new property, having a new child or if you are remarried.
Q. If I die with a will, how long my family members can inherit my assets?
A. Typically, your family members can inherit your assets after the probate is granted which is usually less than 6 months. If you die without a will, then to obtain a letter of administration, they need to wait a few years.
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