Wednesday, May 31, 2017

What is the duties of an Executor in a Will?

The duties of an Executor are:-

1. Locate the Will of the deceased.

2. Make funeral arrangement

3. Apply for the Grant of  Probate

4. Call in or collect Assets

5. Pay Debts

6. Prepare Statement of Accounts

7. Distribute assets according to the Will

8. Carry wishes mentioned in the Will (if any)

The selection of an Executor is very important. We need to select an Executor whom we can trust, able to carry the duties professionally. He must be trustworthy as he manages your estate before transfer the net assets to your beneficiaries.

Nowadays, many clients prefer a Trust Corporation to be appointed in a Will. As a Trust Corporation, it will not die, the work done is transparent, professionally handle by specialist.

A testator can appoint a maximum of 4 individual as Executors in a Will.


By,

Chong Mok Yong

What is the difference between a Grant of Probate and a Letter of Administration in Malaysia?

Grant of Probate

It is a document the Executor named in a Will needs to apply. Generally, the Executor needs to engage the service of a lawyer. The lawyer will put in a petition at the High Court and Grant of Probate will be approved and extracted from the High Court. However, there are exceptions for this.

Once the Grant of Probate is obtained, the Executor can collect all assets of the deceased which was frozen, settle all the debts and expenses and the net assets will be distributed according to the Will.

Letter of Administration

This is the document the family members of the deceased need to apply when there is no Will.  There are exception to this also.  Deceased legal beneficiaries under the laws need to give consent to a person to manage the estate. This person is called The Administrator. The Administrator needs to looks for 2 sureties (There are exceptions to this). Once, the Letter of Administration is extracted, the Administrator can collect all the frozen assets and distribute the net estate according to the Distribution Act.


By,

Chong Mok Yong

Saturday, May 27, 2017

In Malaysia, what happen when a person dies without a Will?

When a person who owns assets in Malaysia passes away without a Will, generally, the immediate family of the deceased needs to appoint an Administrator who will apply a document called Letter of Administration at the High Court. However, there are also some exceptions to this.

Who are the immediate family? If a husband dies, his immediate family are his surviving spouse, his surviving parents and children.

To apply The Letter of Administration, the Administrator needs to find two guarantors or sureties.  The two guarantors are required by the High Court by way of bond equivalent to the gross estate value of the deceased's assets.

Administrator can be one of the legal beneficiaries or any one who are able to produce the sureties.

This lenghtly process to apply Letter of Administration may take a couple years.

This process is also apply to foreigners who owns assets in Malaysia.

By

Chong Mok Yong
012 3039383

Who is a Testator?

A person who makes a Will is called a Testator. Under the Malaysian Laws, he/she must has attained the age of 18 years if he/she is from Peninsular Malaysia or State of Sarawak. However, for Sabahan, he/she must attained the age of 21 years old before able to write a valid Will.

The Testator can engage the service of a lawyer or an Estate Planner to draft his/her Will. A Testator can also draft or write his/her owns Will. Under the law, anyone can write a Will. It is up most essential that the Will must be written according to the precedent under the Distribution Act 1958. If a will is no written according to the precedent of the law, the Court may not grant the Grant of Probate (GP) when the Will is submitted to the Court when the Testator passes on. 

When a Will that is not written according to the precedent of the law, that Will is termed as 'Death Note', will not be recognized under the laws.

Thus, it is always a wise to engage professional to write your Will, to ensure that it is a functional Will.

To find out more about Will and Trust, please call or whatapps 012-3039383 or visit www.rockwillsonline.com.my.

Friday, May 26, 2017

What is a Will?

A Will is a declaration made by a person on the things he wishes to take place when he passes on. Some of the things could be the transfer of his assets to a particular person he wants, he may give instruction how his body is taken care off, eg bury. These instruction are written in a Will.
He can also have term of endearment in a Will.

Under Malaysian Law, there are precedents that must be followed so that the Will is a valid one. The essential clauses in a Will are:-

1. The revocation clause
2. The appointment of Executor or Trustee
3. Distribution of assets
4. Attestation

A Will must be written down on a piece of paper. The instruction in a Will can not done under a camera or video. However, there are exception for police or army, the special group of persons.

Generally, most Wills are for the transfer of assets from the deceased to their loved ones, as when there is a Will, the distribution of the assets of the deceased will not follow the Distribution Act but the testator's wishes in a Will.

To find out more about Will and Trust, please visit www.rockwillsonline.com.my or call /whatapps 012 3039383.