When you have spent a whole lifetime building up your personal wealth, you want to think that upon your death your estate will pass into the hands of your chosen beneficiaries.
By making nominations in your Insurance Policies, you make sure the insurance proceeds will go to the rightful persons. You can do the same to your personal assets too!
WHAT IS A WILL
A Legal document in which you declare your wishes for your loved ones and how to distribute your assets after you pass on.
WHY DO I NEED A WILL
Without a Will, your assets could be more troublesome than beneficial to your family at a time when they are most vulnerable. The distribution involved can be a long drawn process with the law or a complex battle.
Without a Will, the law will decide who your beneficiaries should be. You should never assume that your assets would automatically go to the person you want to benefit. Give them the security by making a Will and the law will protect your wishes.
DISTRIBUTION ACT 1958 (as amended by the Distribution (Amendment) Act 1997)
Note: This Act only applies to West Malaysia and Sarawak. It does not apply to Muslims
In the case when and intestate dies without leaving a surviving spouse, child or parent, the following person(s) are entitled to the estate in accordance to priority:
1. brothers and sisters
3. uncles and aunts
4. great grandparents
5. great uncles and aunts
WHY YOU MUST KEEP YOUR WILL SECURE
Although making a Will enables your last wishes to be made known, you should ensure that your Will can be found quickly and easily when the need arises.
WHAT IS A TRUST
Trust it is where you the Settlor transferring your assets during lifetime to Trusteewith a written legal obligation (Trust Deed) to hold and manage the assets (Trust Property) for the benefit of your named persons (Beneficiaries) for a period of time. All assets that are free of encumbrances (not in debt) can be used as a Trust Property.
Any person, Trust Corporation or Bank who holds the legal title of the assets and to manage the assets according to the instruction and obligation given by the law and Trust Deed.
Any person who is not unsound mind, bankruptcy and minor is legally capable appointed to be a Trustee.
A written legal obligation transferring the ownership of a property to a Trustee (Bank, Trust Corporation or Individual) for the purpose of securing a promissory note.
Trust Deed is a private document between the Settlor, Beneficiaries and Trustee.
Trust Deed is custom made for each and different objectives and goals.
Any properties that free from encumbrances can be held as a Trust Property.Properties used in a Trust Establishment.
WHY SET UP A TRUST?
1)Assets distribution is custom made to your written instructions
3)Immediate usage of assets and funds (No Grant of Probate required)
4)Funds is not frozen upon death
5)Choice of beneficiaries to any persons or organizations even to himself