Why should you have a will? Malaysian perspective

A will is a statement of a person’s intent regarding the disposition of their assets after their death. It has no legal effect until the death of the testator (the person who makes a will).

In a will, the testator declares the person who will carry out the distribution of his assets (executor) to the person to whom he wishes to give (beneficiary). He may want to appoint a trustee to take care of your property, for example, to insure, sell or rent it. He can even appoint a guardian along with his spouse to take care of his children until they come of age.

There are some compelling reasons why a person should make a will during their lifetime.

First of all, a testator can bequeath his assets to the people he wishes to bequeath in his will. For example, he may wish to donate some of his property to charity or give some of it to a friend. Without a will, a person’s estate will be distributed according to the Distribution Act of 1958. According to the Distribution Act of 1958, the legal beneficiaries are their spouse, children (children, if there are no children, grandchildren), and parents . However, the court may intervene if a dependent of the testator who is not named as a beneficiary in the will requests a review.

Second, in the event that a person dies without a will, those who have rights to their assets in their own right, that is, spouse, offspring and parents, must choose an administrator who is responsible for the distribution of the inheritance. The administrator will have to request through a lawyer to the Court the issuance of a letter of administration before the distribution of the inheritance. If your spouse, affairs and parents do not have a good relationship, you may face difficulties in choosing a trustee. On the contrary, if a person dies with a will, the person who carries out the distribution of the inheritance is indicated in the will. He is the executor. He will apply to the Court for the issuance of a grant of succession prior to the distribution of the estate.

Third, in the event that a person dies without a will, the Court requires two guarantors who can respectively guarantee the gross value of the inheritance. If the gross value of the inheritance is worth a million dollars, it will not be easy to find a relative or a friend to be a collateral. Contrary to such a situation, if a person dies with a will, the Court does not require collateral.

Fourth, the request before the Court for a letter of administration will take between three and five years due to the difficulty in choosing an administrator, the search for guarantees, the determination of the inheritance of the deceased, etc. In contrast, it only takes about six months for the court to issue a grant of succession.

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