AVA WEALTH
Consultancy
What is 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 will?
His/her assets won't automatically transfer to loved ones. They will be frozen and only released through complex legal procedures. Distribution will follow the Malaysia Distribution Act 1958 (amended 1997) or Syariah Law for Muslims, not based on verbal wishes. This can lead to delays, legal conflicts, family disputes, and high legal costs.
Will
When you have a will,
It reduces legal costs and speeds up processing, as a Grant of Probate (with a will) can be obtained in months, unlike a Letter of Administration (without a will), which can take years. Most importantly, it allows you to secure your family's future instead of leaving it to the law.
3 Main Differences
With Will vs. Without Will
1. Legal Procedures/ Processing Time:
​With a will, legal procedures are simpler, and assets are unfrozen in 6 months to 1 year. Without a will, the process is more complex and can take 2 years or more.
Grant of Probate (with will)
VS
Letter of Administration (without will)
Grant of Probate
Obtain Death Certification & Will
Executor applies for Probate with list of assets in High Court
Probate obtained within 12-18 months
Executor distributes assets according to the will
Letter of Administration
Obtained Death Certificate
All lawful beneficiaries under intestacy choose Administrator(s)
All lawful beneficiaries in writing waive right to be Administrator(s)
Administrator(s) finds 2 Sureties to guarantee gross estate value for Administrator Bond
Administrator applies for Letter of Administration with list of assets in High Court
Letter of Administration obtained after 3-5 years
Administrator(s) distributes assets according to Distribution Act 1958 (amended in 1997)
2. Control:
With a will, you control who the beneficiaries are. Without one, assets are distributed according to the Malaysia Distribution Act 1958 (amended 1997) or Syariah Law for Muslims.
3. Cost:
With a will, unfreezing assets costs less. Without one, the process is more expensive with additional costs.
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?
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Beneficiary – To inherit your assets
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Executor – To carry out your will
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Trustee – To hold assets on your behalf
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Guardian – To be responsible for your children's support, health, and education
You need to rewrite your will when:
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Change in marital status (married, divorced, widowed)
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Change in witness, executor, or guardian status (migration, death, relationship breakdown, bankruptcy)
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Change in beneficiaries
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Significant increase in wealth (e.g. starting a business or buying properties)