Have you ever taken a good look at your will? How long ago it was written? More likely than not, most of the items mentioned in your will are no longer relevant or applicable. It is time for you to rewrite your will to replace the previous one. Here is the way to go about it:
1. Appoint your executor and trustee: It is prudent to appoint a reliable and trusted executor and trustee. My executor and the trustee is Amanah Raya Berhad. It is a public trust company established under the Public Trust Corporation Act 1995. It has branches all over Malaysia.
2. Provide a list of all your assets with supporting documents and the persons to be distributed to for each item:
a. Immovable assets: land and buildings
b. Movable assets: motor vehicles, savings accounts, current accounts, share trading accounts, wealth management accounts, insurance policies, PayPal account, AdSense account, websites that attract passive income, retirement accounts such as your Employee Provident Fund in Malaysia.
3. Appoint a guardian and a substitute guardian (optional) for your minor children: Most likely it is your spouse.
4. Check the draft: A draft is sent to you by email. Go through the draft carefully and identify errors to be corrected.
5. Execute: When the draft is accepted, you will be asked to sign the will at their office. A duplicate copy of the will be given to you for your safekeeping while the original copy is kept at their head office.
6. Items not covered: Do not worry about items not mention in the will or assets subsequently acquire, because there is a clause stating that: I further direct all my residuary estate whatsoever and wheresoever situate, movable or immovable over which I may have any power of testamentary disposition and not specifically mentioned under this will to be distributed to….
I have recently rewritten a new will free of charge because I am a customer of Amanah Raya Berhad. It is a good move to update your will to show your care and concern for your loved ones.
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