1. Making YourWishes Come True! ™
Importance Of WritingImportance Of Writing
Your WillYour Will
The Need For Will
Custody
2. WHAT IS A WILLWHAT IS A WILL
A Will is a written declaration of yourA Will is a written declaration of your
wish list to pass to your loved ones thewish list to pass to your loved ones the
assets that you wish them to enjoyassets that you wish them to enjoy
upon passingupon passing
3. When There Is No Will Written
(Intestacy)…
The law decides how your assets are
distributed
Distribution Act 1958Distribution Act 1958
(as amended in 1997)(as amended in 1997)
4. INTESTATE LEAVING SURVIVING ENTITLEMENT
Spouse only (no Issues and Parents) Spouse – whole estate
Spouse and Parents (no Issues) Spouse – 1/2
Parents – 1/2
Issue only (no Spouse and Parents) Issues – whole estate
Parents only (no Spouse and Issues) Parents – whole estate
Spouse and Issues (no Parents) Spouse – 1/3
Issues – 2/3
Parents and Issues (no Spouse) Parents – 1/3
Issues – 2/3
Spouse, Issues and Parents Issues – 1/2
Spouse – 1/4
Parents – 1/4
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; (4) Great grandparents; (5) Great uncles and aunts; and (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
DISTRIBUTION ACT 1958 (AMENDED IN 1997) – WEST MALAYSIA & SARAWAKDISTRIBUTION ACT 1958 (AMENDED IN 1997) – WEST MALAYSIA & SARAWAK
5. Other Problems with Intestacy
• Your hard-earned assets may be given to your brothers and
sisters or even nephews and nieces
• The law decides how to distribute for you
• Long delays in getting your assets passed to your loved ones
through Letters of Administration - maybe more than 2 years
• Family members argue as to who is suitable to be Administrator
to apply Letters of Administration as afraid of losing assets in the
estate
• Difficulty for the Administrator to get 2 Sureties for
administration bond to guarantee your the gross estate value
• Increase in unnecessary high legal cost paying the lawyers
7. Write your WillWrite your Will
Intestacy is not the way toIntestacy is not the way to
gogo
8. When There’s A Will…
You decide who is to benefit from your hard-earned assets not the
law
You decide how your assets are to be used by your children
Your distribution of assets is respected by the Courts
You decide who shall be Executor of your Will to apply for Probate
to distribute your assets following your Will
Faster legal process when applying for Probate – eliminate
unnecessary delays
Greater savings on legal fees due to faster legal process – eliminate
unnecessary high legal cost
Avoid the need for 2 Sureties when there is a Will
You can decide who should be Guardian of your young children
9. Without a Will, applicationWithout a Will, application
for Letter of Administrationfor Letter of Administration
may take a few years, BUTmay take a few years, BUT
With a Will, the Grant ofWith a Will, the Grant of
Probate can be obtainedProbate can be obtained
within a few monthswithin a few months
10. Comparison between Probate and Letters of Administration
Probate Letters of Administration
Obtain Death Certificate and
Will
Executor applies for Probate
with List of Assets in High
Court
Probate obtained within 6
months – 1 year
Executor distributes assets
according to the Will
Obtain Death Certificate
All lawful beneficiaries under intestacy
choose Administrator(s)
All lawful beneficiaries in writing waive right
to be Administrator(s)
Administrator(s) find 2 Sureties to guarantee
gross estate value for Administration Bond
Apply for Letters of Administration with List
of Assets in High Court
Letters of Administration obtained after 2
years or more
Administrator(s) distributes assets
according to Distribution Act 1958 (amended
in 1997)
13. When the Will is not keptWhen the Will is not kept
safelysafely
14. 1.1. Certain to be found when neededCertain to be found when needed
2.2. Free from accidental or deliberateFree from accidental or deliberate
destructiondestruction
3.3. Controlled accessControlled access
4.4. Prevent tampering, preservePrevent tampering, preserve
confidentialityconfidentiality
5.5. Safe from calamitiesSafe from calamities
Benefits of Professional WillBenefits of Professional Will
Custody at RockwillsCustody at Rockwills
15. 1.1. Personal Identification Cards (for you & yourPersonal Identification Cards (for you & your
executor)executor)
3. Centralized at Rockwills Centre
5. Free Personal Accident Insurance
4. Annual reminders of Will Custody
2. Personal Assets Inventory Booklet (to list your
assets to assist the executor
UNIQUEUNIQUE FEATURES OFFEATURES OF
ROCKWILLS PROFESSIONAL WILLROCKWILLS PROFESSIONAL WILL
CUSTODYCUSTODY
16. It is never too early to be Practical !!It is never too early to be Practical !!
