To Know is To Love Sabah
Selamat dtg ke ILSF... jgn segan & malu... sila login/daftar dan kongsikanlah idea2 & maklumat 'bernas' anda...

To Know is To Love Sabah

Anything about Sabah, the Land Below The Wind.
 
HomeHome  PortalPortal  FAQFAQ  SearchSearch  RegisterRegister  Log inLog in  
Harap anda semua sihat-walafiat, ceria, tenang & gembira ketika ini... selamat berforum... tq...
Hai...

*Never take life too serously... Nobody gets out alive anyway...
I Love Sabah Forum
Who is online?
In total there are 3 users online :: 0 Registered, 0 Hidden and 3 Guests :: 1 Bot

None

Most users ever online was 49 on Wed Jun 20, 2012 3:37 pm
Latest topics
» Teknik Forex Sebenar Dan Cara Belajar Forex Malaysia
by SchulzCube Thu Dec 01, 2016 6:45 am

» Panduan Exam Online Penolong Pegawai Tadbir N29
by xbest Tue Nov 29, 2016 3:36 pm

» Rahsia Cikgu Jana RM60K Dgn Smartfon Android
by xbest Sun Nov 06, 2016 2:15 pm

» any new plan for celcom postpaid?
by popolan Fri Nov 04, 2016 11:32 am

» let's talk about telco plan
by tungkelly Fri Oct 28, 2016 11:02 pm

» Celcom will launched Iphone7 but!!!!!!!!!!!!!!!
by popolan Fri Oct 21, 2016 11:19 am

» mana yg kamu urg suka, parampuan yg seksi ka atau parampuan yg purest?
by SchulzCube Wed Oct 19, 2016 7:16 am

» Lihat Bukti RM1200 Masuk Akaun CIMB
by xbest Wed Oct 12, 2016 8:42 am

» Rahsia Jana RM30,000 hanya dengan WeChat
by xbest Wed Oct 05, 2016 4:38 pm

» Rahsia Jana RM50K Seminggu Dgn FOREX
by xbest Mon Aug 15, 2016 10:41 am

» Teknik & Panduan Lulus Exam MUET
by xbest Thu Aug 04, 2016 4:50 pm

» Jana RM60,000 SEBULAN Dengan UBER
by xbest Fri Jul 15, 2016 7:11 pm

» Bha mana jak tuh mauk line yang okay di Sabah ni?
by hahalove Thu Jun 30, 2016 12:16 pm

» Tips Jika Kereta Anda Di Langgar Dari Belakang
by SchulzCube Sat Jun 25, 2016 10:46 am

» Seminar Google Adwords GStep UP 2016
by xbest Sat Jun 25, 2016 6:48 am

» Shopping at Courts Mammoth?
by nurulazzin Thu Jun 23, 2016 12:10 pm

» First Gold upgrade
by carriefire Fri Jun 10, 2016 2:47 pm

» Tanda Tanda Demam Denggi Dan Ubat Demam Denggi Yang Berkesan
by SchulzCube Sat Jun 04, 2016 6:39 pm

» Jadi Jutawan Dgn Forex Sebenar
by xbest Fri Jun 03, 2016 3:45 pm

» Ubat Sakit Gout-Kencing Manis Dan Pelbagai Jenis Kanser Lain
by SchulzCube Fri Jun 03, 2016 1:40 am

ILSF Shoutbox
I Love Sabah Forum
I Love Sabah time
ILSF Links
Top posters
pukutarap
 
Yorut_orut
 
pukutarap.
 
romeo
 
Rungkud
 
alphawaves
 
paragasu
 
SiokSondri
 
laa
 
orud
 
December 2016
MonTueWedThuFriSatSun
   1234
567891011
12131415161718
19202122232425
262728293031 
CalendarCalendar

Share | 
 

 MAKING A WILL

View previous topic View next topic Go down 
AuthorMessage
alphawaves
Moderator
Moderator


Number of posts : 1799
Registration date : 2008-09-07

PostSubject: MAKING A WILL   Mon Nov 03, 2008 4:38 pm

MAKING A WILL

This info explains what a will is under the Will Act 1959 (the Act) and what happens to your assets and liabilities (Estate) after your death

WHAT IS A WILL?
1.1 A WILL is a document where a person state his intentions as to how his Estate is to be administered and distributed after his death and who is to administer the Estate for the deceased. It may include provisions for guardianship, custody and tuition of a child

1.2 A Will must be in writing unless it is privileged Will as stated in paragraph 5 below.
1.3 The person making the Will is called the Testator and he must be at least eighteen (18) years of age and of sound mind unless he is a soldier in actual military service or a mariner or seaman at sea.
1.4 The person named by the Testator to administer and distribute the Estate is called Executor if a male and Executrix if a female. The Executor need not be a beneficiary.
1.5 Those persons who inherit of benefit under the Will are called Beneficiaries.
1.6 If there are minor Beneficiaries, i.e. persons below the age of eighteen (18) years named in your Will, you must name at least two (2) Executors
1.7 You may also state your Will that the Executors are also to act as trustees to hold any assets or invest or use any money for the benefit of the minor Beneficiaries named in your Will.
1.8 A Will need not be stamped.

DO YOU NEED A LAWYER TO MAKE A WILL?
2.1 You do not need a lawyer to make a Will.
2.2 However, your home-made Will may be ineffective and invalid and this may cause your Executors/Beneficiaries expense and distress.
2.3 It is therefore in your interest to consult a lawyer who would be in a better position to advice you and draft your Will for you.

WHAT YOU CAN INCLUDE IN A WILL
In your Will, you should
3.1 Name the person(s) you wish to nominate as Executor(s);
3.2 Name the beneficiaries to whom you wish to give your assets and property to and the proportion the Beneficiaries are to inherit.
3.3 You may, if you so wish , soecify which Beneficiary is to inherit which asset/property.

WITNESSING YOUR WILL
4.1 The Testator must sign at the foot or end of the Will
4.2 The Testator's signature must be witnessed by at least two (2) persons who are NOT Beneficiaries under the Will and who are NOT the husband/wives of the Beneficiaries.
4.3 An Executor who is NOT a Benefeciary or a husband/wife of any Beneficiary under the Will may witness the Will.

PRIVILEGED WILLS OF SOLDIERS, AIRMEN AND SAILORS
5.1 A Soldier in actualy military service or a mariner or a seaman (naval forces) at sea, is entitled to make what is called a "PRIVILEGED WILL".
5.2 A Privileged Will may be oral or in writing and need not be signed by the Testator.
5.3 A Privileged Will becomes null upon expiry of one(1) month after the Testator being still alive, ceases to be a soldier in actual military service or a mariner or seaman at sea.

EPF MONIES
6.1 If you have made a nomination under the Employees Provident Fund (EPF) Act for your EPF monies. Your nominees shall be entitled to your EPF monies regardless of what you state in your WILL.
6.2 Please note that your EPF Nomination is revoked as follows:
6.2.1 Upon death of the nominee during your lifetime; as member; or
6.2.2 By notice of revocation made by you as member; or
6.2.3 By subsequent nomination made byyou as member of the Fund. The later nomination will supercede the earlier.

CHANGING YOUR WILL
7.1 You may change your will at any time and from time to time during your lifetime.
7.2 However, never attempt to change your Will by deleting words or adding words in or by attaching anything to it. If you do, your Will becomes ineffective or invalid unless the changes are properly made.
7.3 You should rewrite your Will if you wish to change it. The new Will will automatically supercede the previous Will.

REVIEWING YOUR WILL
8.1 Generally, if you marry or re-marry, your Will will be revoked by the marriage and becomes null or cancelled.
8.2 You should also review your Will:
(a) If you change your name or anyone mentioned in the Will changes his;
(b) If you Executor dies or becomes unfit/unsuitable to act;
(c) If there are any other changes which you consider will affect the Will.
8.3 It is advisable to review your Will regularly.

MAKING KNOWN YOUR WILL
9.1 Although a Will is a private document, it is imporetant that your family and especially your Executor(s) know that you have a Will and where it is kept.
9.2 If you wish your lawyer look after your Will for you, you should at least give your Executor(s) your lawyer's name and address.

ADMINISTERING YOUR ESTATE
10.1 Your Will takes effect only upon your death.
10.2 Your Executor would have to apply to Court for a Grant of Probate.
10.3 However, your Executor has thepower by virtue of your Will to act even before the Grant of Probate is issued. For example, your Executor may pay or release debts and rtansfer property or assets according to the Will.
10.4 Once the Grant of Probate is issued, the Will becomes a public document. The original Will is retained by the Court.
10.5 Your Executor will be given a copy of the Will together with the Grant of Probate.
10.6 All your property and assets will pass to your Executor, who will have the responsibility of administering and distributing the Estate according to your Will.


IF YOU DO NOT MAKE A WILL
11.1 If you pass away without making a Will, your assets will be distributed according to the rules of intestacy as laid down in the Distribution Act, 1958.
11.2 Your lawyer can advice you about these rules and how they apply to you.
11.3 If you die without making a Will, your Estate may be distributed to persons to whom you do not intend to give anything.
11.4 Futhermore, the people who will look after your Will are not of your choice. They are called "Administrators" if males and "Administratrixs" if females instead of Executors although they perform a similar task.
11.5 They have to apply to Court for "Letters of Administration" and the procedure is generally more complicated than in the case when you have a Will. For example, the administrators will have to provide two sureties (or guarantors) with unencumbered assets equivalent to the value of your Estate unless they obtain a Court Order dispensing with this.
11.6 If you have specific intentions about providing for yhour family members, friends or a charity after your death, you should consider making a Will.

SYARIAH COURT
12.1 Some of the provisions mentioned above do not apply to Muslims.
12.2 Generally, Muslims can only dispose off or give away one-third (1/3) of his Estate under a Will.
Back to top Go down
 
MAKING A WILL
View previous topic View next topic Back to top 
Page 1 of 1

Permissions in this forum:You cannot reply to topics in this forum
To Know is To Love Sabah :: I LOVE SABAH Lobby :: Sabah - People, Cultures, Nature & Environment-
Jump to: