Writing a Will is important because it ensures that your assets and personal possessions are distributed among the beneficiaries you want them to inherit. Without a legally valid document setting this out, your estate will be frozen, delayed, and won’t necessarily be bequeathed according to your wishes.
Anyone with assets who hopes to pass on the inheritance to their loved ones should have a Will. A married couple would like to appoint someone to care for their minor children or manage their assets on their behalf.
Will is necessary in order to avoid a lengthy and complicated estate administration process. Without Will, it might take 2-5 years for the estate administration process. MySuccession will help you as per lists below :
Testator : The testator refers to the person who is writing the Will and giving instructions about the person’s wishes and desires after their death.
Beneficiary : The beneficiary is the person to whom you’re gifting your assets. For those beneficiaries under 18 years old, they cannot receive the assets in their own name as they are referred to as "minor beneficiaries." The executor or trustee will hold the assets in trust for the beneficiary and transfer the assets into their name only upon their reaching the age of 18.
Executor : The executor is the person you appoint to ensure your wishes are carried out according to your Will and the law. The executor will also have to go to court to obtain the Grant of Probate, and he or she must settle your debts and taxes before they can access your assets. This role comes with a lot of responsibilities, so before you appoint someone to be your executor, consider whether this person is trustworthy.
Trustees : Trustees are the people who manage your assets and hold them for a certain period before transferring them to the beneficiaries according to your wishes. They are empowered to make decisions for the beneficiaries and are not allowed to use the properties they are entrusted with for their own gain. Therefore, when you appoint a trustee, make sure they have the best interests of the beneficiaries at heart and have the integrity not to misuse the assets that are in their care.
Guardian : The role of a guardian is to care for your minor children below the age of 21 in your absence. The default guardianship goes to the surviving spouse; however, you can choose to appoint at least two guardians as joint guardians if the circumstances require it, especially if both parents died at the same time. Ideally, different people should be appointed as trustee and guardian so that both parties can fulfill their roles objectively and without conflict.
Witness : The person who witnesses your signing of your Will can attest that you are sound of mind. To prevent your Will from being disputed, note that your beneficiaries and their spouses cannot be witnesses to it.
The witness to a Will should other than beneficiary or spouse of the beneficiary. It is prudent to get someone who is mature, literate, not blind and above 18 years old to be the witnesses.
The beneficiary or his/her spouse appointed as the witness will lose his/her entitlement in the Will. However, this will not affect the validity of the Will.
Yes, he can. However, for check and balance purposes, it is always advisable to appoint a guardian who does not perform the duty of a trustee.
Be at least 18 years of age at the time of writing. Be of sound mind. The Will must be in writing and signed by the testator in the presence of at least two witnesses (non-Muslims).
If you're wondering when is the best time to start making a Will, here are 5 life events that may help you to get a better picture :
His/her estate will be frozen. The family members of his/her require a court order called "Grant of Probate" (GP) or "Letter of Administration (LA) to unlock his/her frozen estate.
When a person dies leaving a Will, the executor appointed in his/her will apply for a GP. However, when he/she dies without a Will, the immediate family member have to apply for a LA.
An authority given under the seal of the Court for the administration of the estate of a person who has died without leaving a Will.
It is the order issued by the High Court which validates the authority of the Executor to administer the deceased's estate according to the Will.
A GP application normally takes a shorter time than a LA application. Normally a GP can be extracted within three months to a year, while a LA may takes from 2 to 5 years.
A will does not need to be stamped in order for it to be valid. Always consult a professional estate planner and get their advice before making your will.
We should review our will every two years, especially with changes in family status, like welcoming a new baby, getting married, or divorcing. Any changes in financial matters, like buying new properties or starting a new business, should consider having your will rewritten.
All wills created by MySuccession's app will be checked, reviewed, and approved by a group of legal experts. However, if you have a large and complicated estate, it would be useful to engage a estate planner, who is usually experienced at providing right information and planning your Will.
It is completely up to you whether you want to do so. If you wish to not do so, it is crucial for them to be aware of the Will’s location.
A bequest by Will can be made up of both movable and immovable assets. Movable assets include but are not limited to bank accounts, stocks, vehicles, gold, insurance, and business shares. Key examples of immovable assets include land, property and buildings.
Yes, only the movable assets in a foreign country. The immovable assets will follow the law of the country where the property is situated and it is advisable to make another Will according to the law of that country in dealing with the immovable property.
The range is from a few thousand or to hundreds of thousands, as each case might vary during the probate process. If the estate is large, then it might be costly and complicated. It's recommended that you go through the MyEP checklist and Myreview to determine the funds needed by the executor or beneficiaries to execute the frozen estate.
Yes, you can. You need to have enough funding to pay off your liabilities or taxes if you want to pass your asset on to a loved one.
Yes, it is. It’s recommended to rewrite your will if your marital status changes.
You can state expressly in your will that your marriage to the particular person will not revoke your will. The name of the person you are getting married to must be stated. Such a clause is known as the "Contemplation of Marriage Clause.
No. Under Section 5 of the Will Act 1958, all wills must be written in a prescribed form.
Yes, you can. The role of your Trustee is to hold on trust your money and other assets for your children who are minor while your Guardian is to take care of the welfare of your children. Thus, it is always wise to appoint different people to ensure there is check and balance, especially for the money left behind by you for your children.
Its recommended to do a new one once you have converted to Muslim. Once a person professes the Muslim faith, the distribution of his/her estate will be governed by the Syariah Law.
Yes, you can. You can mention your wishes in your Will. However, it is advisable to let your family members know of your wishes as a Will may be read only many days after your death.
Our legal team will approve each of the wills within 24 hours.
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Estate planning will help you manage and maintain your assets while you are still living and after you have passed away. Estate planning will also help you how to save money and decide on how your assets will be distributed later on.
From the Client page, click the arrow button beside the telephone symbol. In MyWill section, you may check the latest update.
Pending approval means waiting for a legal team to Approve. Approved means, the Will has been approved by the legal team. You may proceed to print and Sign. Once finish Signing, you may upload the Signed copy to the same page on "Signed Attachment".
Yes, whenever alteration is made on your Will, you and the same two witnesses must sign next to the alteration. However, it is advisable to write a new Will if the alteration is substantial in order to prevent difficulty in proving the Will in court later on.
When the circumstances have been changed since you last wrote your Will, for example, change in status (new spouse, divorce); change of Executor and/or Guardian's status; change of mind with regard to the beneficiaries (e.g. children reaching the age of 21, different beneficiaries); new members to the family (newborn, adoption); substantial increase in wealth (commencement of business or partnership, purchase of property, inheritance), it is better to review and rewrite your Will.
If you write a simple Will without mentioning the appointment of executor/trustee, a residuary clause and other essential clauses, your Will might become partial intestacy. It is always advisable to get a professional Will-writer to draft your Will to ensure your executor faces less difficulty in executing the Will in the future.
Not advisable, as the Official Assignee (OA) who has jurisdiction over all the bankrupt's assets will have access to such gift.
Convenience, cost, and accessibility are a few benefits of using a MySuccession app. For people who do not have the time or means to speak with a lawyer or draught a traditional will on paper, will apps can be a helpful tool. Additionally, will applications can help you update and maintain your will more easily over time and provide you piece of mind knowing that your preferences are recorded and kept in a secure place.
Yes, the MySuccession app is serious about protecting users' privacy and data protection. To safeguard user information and make sure it is stored safely, the app employs industry-standard encryption and security procedures.
The "Will Writing" app is made to work with the majority of current smartphones and tablets, including those powered by iOS and Android. To ensure compatibility with your particular device, it is advised to review the app's system requirements.
It is advised to get assistance from a trained translation or legal practitioner if English is not your first language and you are unfamiliar with legal terms.However MySuccession offers the app in mandarin also.
Advisor can provide personalized guidance and ensure that your will is legally properly reflects your wishes and intentions.
To ensure that your will created with an app is legally valid, it's essential to carefully follow the instructions provided by the app and comply with the laws of your jurisdiction.
Yes, users of the MySuccession app can declare their wishes for the guardianship of their minor children. Within the app, users can enter information about the appointed guardian(s), including their name, contact information, and relationship.
Financial company RHB Trustee provides trustee services, such as serving as a will's executor. An executor is a person or organisation designated in a will who manages a decedent's estate, which includes allocating assets to recipients, paying debts and taxes, and performing other administrative duties. In the event that they are named in the will or chosen by the court, RHB Trustee may serve as an executor.
RHB Trustee has a number of duties as an executor, some of which may be as follows:
Appointing RHB Trustee as an executor can have several advantages, including:
In the area of maintenance, education, and healthcare, the "purpose of trust" refers to the particular goals or intentions for which a trust is created. In a trust, a trustee maintains and administers assets on behalf of beneficiaries in accordance with the conditions laid out in the trust document.
When a trust is established for maintenance, education, or healthcare, it usually signifies that the trust is meant to offer resources and financial support for the beneficiaries' care, raising, education, and healthcare needs. This may include prices for bare necessities, living expenses, tuition and living costs for school, as well as healthcare fees for things like medical procedures, prescription drugs, and healthcare services.
The trust's assets must be managed by the trustee in order for them to be used for the purposes of maintenance, education, and healthcare as laid forth in the trust agreement. The trustee is required by law to act in the beneficiaries' best interests and to abide by the terms of the trust.
Info page that provides information about the purpose, services, features, or benefits of the apps. It also contains with article and video.
Users who struggle to read small print or who may have visual problems may find this function useful because it enables them to increase the font size to a level that is more comfortable and readable. Enlarging the text can improve the application's accessibility and usability by making the information and interface easier for users to view and engage with:
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