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
Monday, October 10, 2011
Friday, October 7, 2011
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.
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.
Tuesday, July 12, 2011
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.
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.
Friday, July 1, 2011
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.
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.
Tuesday, June 28, 2011
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.
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.
Thursday, June 16, 2011
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.
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.
Saturday, April 9, 2011
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
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