Malaysia Will Writing – Individual
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What is a WILL
A WILL is a declaration or the person’s last instruction. A WILL only takes effect when the person is DEAD.
What happens if a person dies without a will
When there is no Will written, the Law will decide the distribution of your assets according the Malaysian Distribution Act 1958 (amended in 1997). This will cause delay due to the legal process, potential legal conflicts, family disputes and high legal costs involved. When you have a written Will, it will eliminate unnecessary legal costs and faster processing time as the Grant of Probate can be obtained within a few months as opposed to the Letter of Administration under the law which could take a few years to execute. In summary, problems arises without a Will
- Insecure future for family & loved ones
- No control over distribution of assets
- Assets will be frozen and incur unnecessary delay
- Additional Unnecessary Cost incur to unfreeze the asset
What is the difference with a Will & without a Will ?
There are three main differences
- Control: With a Will, you are in control on who is the beneficiary. Without a Will, you are not in control. It will be distributed based on Syariah Law (muslim) or Distribution Act 1958
- Time: With a Will, the time taken to unfreeze the asset is shorter (6 months – 1 year). Without a Will, the time taken will be longer (2 years or more)
- Cost: With a Will, the cost involved to unfreeze the asset is lesser. Without a Will, the cost involved will be higher and incur unnecessary cost.
Who can make a Will?
Anyone who has attained the legal age of 18 years and above can make a Will.
Who are the important people in my Will ?
- Beneficiary – those who will inherit your asset
- Executor – those who will execute your Will
- Trustee – those who will hold your assets on behalf of you
- Guardian – those who will be responsible for your children’s support, health & education
What are the cost involve for writing my Will ?
Rockwills Will Writing Fee Schedule
|Types of Will||Clauses||Fees|
|Basic||Up to 10||RM 480|
|Intermediate I||11 – 14||RM 600|
|Intermediate II||15 – 18||RM 750|
|Comprehensive I||19 – 21||RM 900|
|Comprehensive II||22 – 24||RM 1100|
|Comprehensive III||25 – 27||RM 1300|
|Exclusive I||28 – 30||RM 1600|
|Exclusive II||31 – 33||RM 1900|
|Exclusive III||Above 33||RM 2200 – RM 18000|
What are the reasons for re-writing your WILL?
- Change of Marital Status (either married, divorced or widowed)
- Change of your witness, executor’s and guardian’s status (migrate, death, relationship breakdown, bankrupt)
- Change of mind regarding your beneficiaries. Addition to the family (grandchildren)
- Substantial increase of wealth (started a business, purchased properties)
Rockwills Will Re-Writing Fee Schedule
|No of amendments||Fees|
|1 – 3||RM 380|
|4 – 6||RM 500|
|7 – 9||RM 650|
|10 – 12||RM 800|
|13 – 15||RM 1000|
|16 – 18||RM 1200|
|19 – 21||RM 1500|
|22 – 25||RM 1800|
|Above 26||RM 2100 – RM 18000|