Rockwills - Will of Charities

Recently a few of my clients were asking me for name of charities which they intended to name in their Wills. These are good deed!. You can donate some moneys from your banks accounts or dispose some of your assets and turn into cash and donate to the charities.

It is always advisable to donate 'cash' than immovable properties to charities you wish to benefit.

There are several types of charities in Malaysia, we have those for the old folk home,community services, NGOs etc.

Please visit www.rockwillsonline.com.my for a list of charities in Malaysia.

Write a Will when you are able to

Mr Chew called me from Subang Jaya Medical Centre saying that his brother need to write a Will. His brother is very sick. Before I went over to see my propect client, I asked him if his brother is conscious and sound mind? The answer is "Sometime yes, sometime no". I told him that I am not able to write for his brother unless he is totally sound mind. This is prevent beneficiaries from contesting the Will in the future.

Thus, do not procastinate, write your Will early.

Writing a Will is is a effective way to protect your asset

Mrs Chan is 65 years old this year. Two years ago she used her hard earned savings to buy a house and registered the house under his son's name. The reason for this is because she felt that sooner or later this house will be given to her son, thus, writing a Will is not necessary.

Last year, without her knowledge, the son sold the house used the proceeds of the sale to buy a new house and registered the new house jointly under his name and his spouse.

Mrs Chan was very angry on the sale of the house, however she can not do anything to stop the sale as the son is the legal owner of the house.

To all parents, please do not do what Mrs Chan did, write a Will and protect your assets.

Please call 03-7782 1993 for more information on Will.

An Unproteded Will is as good as no Will

Many of my clients try to save the custody fee charged by Rockwills by not keeping their Wills at Rocwkills. They do not know that an unprotected Will is as good as no Will. The reason is simple, the Will written is not going to be used too soon as it is written as on a standby basis should something unwelcome happens. Thus, keeping at Rockwills Custody Centre ensures the Will to be found when need arses.

Professional safe custody of Wills also prevent the Wills from any intend tempering, been stolen, expose to fire and water and other disasters that might happen.

So, think of orofessional custody of Will after you have written your Will. They are equally important.

Write a Will to protect your family

We are at the final quarter of 2011, year end school holidays are coming. As usual, I have received numerous inquiries on writing of Will from prospects. Many of them tell me that they are planning to go for holidays at the end of the year, thus, writing a Will is something that they must do before they 'fly'.

Having a Will is not just able to leave a legacy of love, distribute our assets, it also make the legal process easier for our family. Through a Will we appoint trustee and guardian we trust for our minor children. We allocate our assets among our children. Finally, what if the whole family 'gone' in a disaster? We can donate our assets to charity or give them to our friends or other family members. These can be stated clearly in a Will.

Do not procastinate, write a Will today!

For enquiry, please call +6012-3039383 or visit www.rockwillsonline.com.my

Rocwkills - Business Succession Plan??

Have you every think of what will happen when you, as a share holder of a company passed away suddenly?

You might have written a Will to Will your share holding in the company to your family members, but is that good enough?

There may be many unwelcome people 'eyeing' on your share holding which is now in the name of your family members.

Are your family members able to run the company together with the remaining share holders? Will they welcome your family members?

Do your family members have the experience? Are they minor?

If your family members are minors or inexperience, what will happen next? The shareholding might be slowly been 'cheated' by some outsiders.

Lot of problems will be faced by the family memebers when they inherited your share holdings. The best way to do is to prepare an 'Exist Plan' where you will sell your share holding to the other interested parties at a price you agreed when you are alive.

Upon the sale of your share holding, sale proceeds will be given to your family members via a Trust Corporation.

Your can even decide on the manner to disburse the net proceeds to your family memebers. This protect them as well as the sale proceeds.

To find out on the perfect solution to address your concern on this issue, please conatct us via info@rockwillsonline.com.my or call +603-7782 1993 for more information on our forever in demand trust product known as 'BUSINESS VALUE PROTECTION TRUST' or PVPT in short.

Rocwkills - Write Your Will Before It Is Too Late!

A client, Mr Chew called me yesterday saying that he need an urgent Will done for his brother who is seriously ill at a private hospital. I asked if his brother is conscious. He replied 'Yes' and his doctor can confirm that.

I rushed over to the hospital to collect some information for the Will. When I returned again, I found that his brother is not conscious, he can not open his eyes and could not wake him up.

Later when the doctor were there, the doctor said he was not conscious and he can not proceed to sign a Will.

Thus, to all Malaysian, write your Will early, when you are conscious and of sound mind. Do not wait till the last minutes.

Visit www.rockwillsonline.com.my for more information on Will and Trust.

Rockwills - Debts Cancellation Plan

I have a client by the name of Mr. Tan. He was very sick and requested me to write a Will for him.

Upon singning his Will, over the conversation, we found out that he has outstanding credit card loan of RM60,000.00 with several banks. He was told by his friends that credit card outstanding loan need not be repaid when he dies.

I explained to him that all debts must be settled before his Executor can distribute his outstanding assets as per his Will to his family members. He needs a debts cancellation plan and this can be done through purchase of a new life insurance policies and create an insurance trust or create a trust using other liquid assets.

In many occasions, we notice that there is no debts cancellation plan and the estate administration process can not continue and this cause harship to the loved ones.

To find out more about debts cancellation, please call +03-7782 1993 or visit www.rockwillsonline.com.my.

Drafting of Rockwills' Will by PSC

Our Services Centre (PSC) provides drafting of Will to all franchisees of Rockwills and insurance agents who are also providing Will Writing services.

If you are not a franchisee of Rockwills, you can net-work with us. We will pay you referral commission for cases you refer to us. Just send your completed Will-Wrting Information Form to our Service Centre and we can help you to draft your client's Will.

For more information on drafting of Will, net working, please contact 012-303 9383 or 03-7782 1993 or visit us at www.rockwillsonline.com.my.

We are only specialised in Will and Trust, no insurance, no unit trust, no NV etc.. JUST WILL ONLY.

What are the things we need to take note while writing a Will?

When writing a Will, it is important that the Will must be made in accordance to the Will Act 1959. Under the Act, there are some formalities to observe:-
1. The testator (person writing a Will) must be above 18 years old (For Peninsular Malaysia & Sarawak) and 21 (For Sabah)
2. The testator must be of sound mind.
3. The Will has to be attested by at least two witnesses present at the same time when the testator signs the Will.
4. A will must be in a prescribed form.
5. The beneficiaries of a Will or their spouse must not be the witness.
6. There must be a revocation clause in the Will.
7. A residuary clause to prevent partial intestacy to happen.

In a Will the testator can appoint his/her preferred Executors. The duties of the Executors are:-
• To locate the Will,
• To make funeral arrangement,
• To apply for a grant of Probate,
• To locate the assets, Pay all debts, (Trustee Act 1949)
• Prepare Statement of Accounts,
• To distribute the assets according to the Will
• To carry out the wishes mentioned in the Will.

A maximum of four Executors can be appointed in a Will. The testator can appoint them either jointly or as substitute to each other. It is recommended that two joint executors be appointed whenever there are minor beneficiaries in the Will.

It is important that we appoint an Executor that is trust worthy. A person who can carry out the estate administration duties effectively and efficiently. It will be even better if the Executor is familiar with the legal estate administration process. Traditionally, we appoint our family members to be the Executors, however, today, more and more testators are appointing trust corporation as Executors in their Wills.

A trust corporation is a better choice than an individual as an Executor. A trust corporation ensures the estate administration process is carried out professionally. Furthermore, a trust corporation enjoys perpetual succession, it never die or get sick and will not delay the administration process.

When there are minor beneficiaries named in a Will, two Trustees or a trust corporation should be appointed. Trustees are custodian of assets. It is important that we appoint Trustees we trust. The roles of Trustees are equally as important as the Executors. Some of the duties of Trustees are:-
• Continue to administer the estate where the assets can not be distributed e.g. for a minor or before the trust period ends.
• Manage the estate according to the instruction and power given by the Will and according to the Trustee Act 1949.

Normally, the Executors appointed in a Will continue to act as Trustees for minor beneficiaries.

Guardian can be appointed in a Will to take care of the welfare of the minor in the event of his/her spouse predeceased him/her or both were to go together.
It is also advisable that we should not appoint the Trustees as the Guardian. It is always wise to appoint different person to ensure there is counter-check, especially when there is money left behind for the minor children.

A beneficiary is a person who receives gifts in a Will. A beneficiary can be an individual or entity like a charity. It is important we state the name of the charity in a Will. If the charity named in a Will has ceased to operate, the Executor can donate the gift to another charity of with similar purpose.

When naming an individual as a beneficiary, it is always advisable to name a substitute beneficiary if the particular beneficiary pre-deceased us.

Apart from disposition of property, cash, shares etc, a will can also deal with other aspects e.g. funeral arrangement, terms of endearment.

Rockwills - Why Insurance Trust Is Important?

Everyone signs up insurance policies to protect their loved ones, to ensure there is moneys given to them when something happens to the policies holder. Thus, insurance policies give their loved ones protection, financially. But do you know that, what you do is not enough? Are your children able to utilise the insurance payout to benefit them? Can your individual trustee appointed for the insurance policies able to ensure your children enjoy the benefits when you are no longer around? One of the ways to solve this problem is to create an insurance trust. Here the insurance payouts are paid to the Trust Corporation who is named as the beneficiary. The fund are utilised according to the instructions written in the Trust Deed. These are your instructions. To find out more about insurance trust, please call +603-7782 1993 or visit www.rockwillsonline.com.my

The Rockwills Incentive Trip April 2011 - Rome, Italy

The above are some of the photographs taken in Rome, Italy. Every year, Rockwills rewards those Professional Estate Planners who meet certain sales target with overseas incentive trip. Thus, it you wish to venture into estate planning industry, why not give us a call to find out how to become a Professional Estate Planner. Tel: 03-7782 1993 or www.rockwillsonline.com.my

The differences between an Executor and a Trustee

Many of my clients can not differentiate the difference between an Executor and a Trustee. Below are the comparison of their role.

An Executor:-
His role is to administer the estate of the testator when he passes on. Firstly he needs to apply a document known as Grant of Probate at the Court. Upon extraction of the Grant of Probate, he will locate all the assets and after payment of all debts including the funeral expenses etc, he will transfer the remaining assets of the testator according to the Will to the respective beneficiaries named therein in the Will.

His role as an Executor ends when he has finished administer the estate.

In the case where there is minor or trust invloved, he will trasnfer the assets to the Trustee named in the Will.


A Trustee:-
He will takes over any asset that need to be hold on trust from the Executor. The trust could be a statutary trust or a testamentary trust in a Will. A Trustee is just a 'guardian' of assets, he will transfer the trust asset to the respective beneficiaries when the trust ends. The assets that is held on trust by the Trustee belong to the beneficiaries not the Trustee.

For more inforamtion on Will-Writing, please visit us at http://www.rockwillsonline.com.my/ or call +603-77821993.

Wills For Foreigners in Malaysia

Do you know that if a foreigner owns an immovable property in Malaysia, if he passes on, the property will be distributed according to our Distribution Act if he does not have a Will in any country or have a Will which is not recognized by our Malaysian law. Thus, I urge all foreigners who are residing in Malaysia and do not have a Will in any country to write a Malaysian Will to protect their assets in Malaysia. For more information on writing a Malaysian Will, please call +603-7782 1992 or visit www.rockwillsonline.com.my.