Liew Chambers

WILLS, SUCCESSION & ESTATE ADMINISTRATION

GENERAL QUESTIONS AND ANSWERS (Q&A)

Q:

Do I need a will?

A:

Yes, unless it is your intention that your assets be distributed in accordance with intestacy laws in the event of death.

Q:

Does a will need to be stamped to be valid?

A:

No, there is no requirement for a will to be stamped.

Q:

What I should be aware and prepare for when instructing a solicitor to prepare a will.

A:

You should have the following documents and information ready before visiting your solicitor:

- A copy of prior will, if any;

- Names and NRIC numbers of all intended beneficiaries, (if possible, the residential address should also be included);

- Names and NRIC numbers of executor(s) and/or trustee(s) (if possible, the residential address should also be included);

- List and description of all assets (Copy of title (where available) or sale and purchase agreement (where title is not available) for real estate / properties, bank account number and branch for all bank accounts);

- Idea of the following:

          - how properties are to be distributed in the event of death;

          - who to appoint as executor / trustee;

          - how to account for funeral expenses;

          - if there are children (below the age of 18), who is to act for trustee and the powers the trustee is to have;

          - residuary property (property not mentioned in the will), and how it is to be distributed;

          - other instructions such as donation of body organs, request for burial / cremation, etc.

Q:

What information will I have to give to my solicitor for estate planning advice?

A:

Below are a few questions which your solicitor may ask during the course of taking instructions on will preparation:

- Full given or Christian names, Full surname - Religion - Residential Address - Occupation - Business address - NRIC (Old and New) - Telephone (Home, Business, Mobile) - Date and place of birth - Where domiciled - Marital status, where married - Full names of spouse Former name (if any) (NRIC Old & New) - Number of children-ages, sex, names, (NRIC) - Previous marriages-where, date of decree absolute, children of previous marriages, adopted children or

children born out of wedlock? - Prior will. If there is one, when was it executed and where is it? Where available, a copy may be required for review. - Who is to be executor & trustee?- If more than one, to act jointly or as alternative? Ages of trustees, relationship to testator. - Real estate - whether jointly owned or solely owned-who has title? Bank accounts,

Stocks, shares, debentures , Jewellery, gold, silver etc., Mortgages held as mortgagee, Personal chattels,

including household and personal effects, Life policies, EPF (Employee Provident Fund), Vested interests

or contingent interests in deceased estates, Business assets , Other notional estate , Motor vehicles - Liabilities-eg. mortgages, charges etc - Specific gifts - Beneficiaries-full names, NRIC (Old and New) & addresses and relationship to testator - Residuary estate-if children to take, then at what age? - Who is to bear estate debts, if any? - Trustee powers (a) Power to postpone sale (if power to sell is given) (b) Power to invest (c) Power to advance for benefit of infant beneficiaries (d) Power to appropriate assets in specie (e) Power to carry on any business, partnership or company (f) Power to retain investments existing at testator's death (g) Power to sell - Special requests eg. burial or cremation - Guardian for infant children? - Trustees' remuneration - Other directions to trustees (if any)

Q:

How is property distributed in an intestacy situation, i.e. what happens to my assets and liabilities if I should pass on intestate (without a will)?

A:

Please refer to section on intestacy.

Q:

Do I have to execute another will if (a) I am a foreigner; or (b) I have assets outside of Malaysia?

A:

Please refer to relevant section on foreigner and foreign assets.

Q:

Can I prepare my own will?

A:

Yes you can, but before relying on one prepared by yourself, you should have some basic understanding on the essential words to be included in a will, the do's and don'ts of wills (which you can find out by reading a good book from your local bookstore) and procedures for execution. There are also available software that can help in the preparation of wills, and services available over the internet. You should check if such software or service is localised so that the will is suited for the Malaysian context.

Disclaimer :

Information and hyperlinks contained in http://www.liewchambers.com are for client reference only, and shall not be regarded as legal advice. Take note that the Liew Chambers does not guarantee the accuracy or reliability of such information, and disclaim all liability resulting from any reliance thereupon. Liew Chambers also does not endorse any information contained in or view expressed in any other webpage linked to our website. Applicable is our disclaimer statement.

Q:	Do I need a will?
A:	Yes, unless it is your intention that your assets be distributed in accordance with intestacy laws in the event of death.
Q:	Does a will need to be stamped to be valid?
A:	No, there is no requirement for a will to be stamped.
Q:	What I should be aware and prepare for when instructing a solicitor to prepare a will.
A:	You should have the following documents and information ready before visiting your solicitor: - A copy of prior will, if any; - Names and NRIC numbers of all intended beneficiaries, (if possible, the residential address should also be included); - Names and NRIC numbers of executor(s) and/or trustee(s) (if possible, the residential address should also be included); - List and description of all assets (Copy of title (where available) or sale and purchase agreement (where title is not available) for real estate / properties, bank account number and branch for all bank accounts); - Idea of the following: - how properties are to be distributed in the event of death; - who to appoint as executor / trustee; - how to account for funeral expenses; - if there are children (below the age of 18), who is to act for trustee and the powers the trustee is to have; - residuary property (property not mentioned in the will), and how it is to be distributed; - other instructions such as donation of body organs, request for burial / cremation, etc.
Q:	What information will I have to give to my solicitor for estate planning advice?
A:	Below are a few questions which your solicitor may ask during the course of taking instructions on will preparation: - Full given or Christian names, Full surname - Religion - Residential Address - Occupation - Business address - NRIC (Old and New) - Telephone (Home, Business, Mobile) - Date and place of birth - Where domiciled - Marital status, where married - Full names of spouse Former name (if any) (NRIC Old & New) - Number of children-ages, sex, names, (NRIC) - Previous marriages-where, date of decree absolute, children of previous marriages, adopted children or children born out of wedlock? - Prior will. If there is one, when was it executed and where is it? Where available, a copy may be required for review. - Who is to be executor & trustee?- If more than one, to act jointly or as alternative? Ages of trustees, relationship to testator. - Real estate - whether jointly owned or solely owned-who has title? Bank accounts, Stocks, shares, debentures , Jewellery, gold, silver etc., Mortgages held as mortgagee, Personal chattels, including household and personal effects, Life policies, EPF (Employee Provident Fund), Vested interests or contingent interests in deceased estates, Business assets , Other notional estate , Motor vehicles - Liabilities-eg. mortgages, charges etc - Specific gifts - Beneficiaries-full names, NRIC (Old and New) & addresses and relationship to testator - Residuary estate-if children to take, then at what age? - Who is to bear estate debts, if any? - Trustee powers (a) Power to postpone sale (if power to sell is given) (b) Power to invest (c) Power to advance for benefit of infant beneficiaries (d) Power to appropriate assets in specie (e) Power to carry on any business, partnership or company (f) Power to retain investments existing at testator's death (g) Power to sell - Special requests eg. burial or cremation - Guardian for infant children? - Trustees' remuneration - Other directions to trustees (if any)
Q:	How is property distributed in an intestacy situation, i.e. what happens to my assets and liabilities if I should pass on intestate (without a will)?
A:	Please refer to section on intestacy.
Q:	Do I have to execute another will if (a) I am a foreigner; or (b) I have assets outside of Malaysia?
A:	Please refer to relevant section on foreigner and foreign assets.
Q:	Can I prepare my own will?
A:	Yes you can, but before relying on one prepared by yourself, you should have some basic understanding on the essential words to be included in a will, the do's and don'ts of wills (which you can find out by reading a good book from your local bookstore) and procedures for execution. There are also available software that can help in the preparation of wills, and services available over the internet. You should check if such software or service is localised so that the will is suited for the Malaysian context.