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About Estate Planning
What is estate planning?
Estate planning is about detailing how one’s estate is distributed upon death to your loved ones, organizations or charitable causes that you have named. It could also be beneficial to you in case of incapacitation. This will include instructions as to whom, what, and when the named individuals or organizations are receiving your estate, with minimal tax, court costs, and legal fees.
When it comes to estate, it doesn’t just refer to property. Instead, estate includes all that you own, i.e. home, car, savings or current accounts, insurance, furniture, personal possessions, and other real estates.
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About Estate Planning
Why do we need estate planning in Malaysia?
To distribute your estate (upon death or incapacitation) based on your wishes, the best way is to have a Will or living trust written.
Not having a Will upon death leads to your estate being distributed based on the Distribution Act 1958, where your family’s needs or your wishes will not be considered. Note that this act does not apply to Muslims or native in Sarawak and West Malaysia. In Sabah, the Intestate Succession Ordinance 1960 is in effect.
Unfortunately, this could be stressful for your family if you have dependents or the family’s sole breadwinner as it could take up to 5 years for the distribution of your assets.
Not only that, there is also a possibility that your estate may depreciate during the waiting period of the execution.
You can organize your records and keep track of titles and beneficiary designations by estate planning in Malaysia ahead of time. This could avoid any errors in the documentations to prevent any complications and additional costs to make corrections in the future.
A properly prepared estate plan is extremely important if you have minor children, as it will stipulate who will be their guardian in the event your spouse is unable to take care of them after your death. In this way, you can make arrangements for minor children and for children with special needs accordingly.
Thus, the most important reason for estate planning in Malaysia is peace of mind by ensuring that the assets are given to named beneficiaries. Both you and family know that everything is in place in case death or disability happens to you.
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Estate Planning Checklist
Every estate planning should have the following:
- Will or trust
- Beneficiary designations
- Letter of intent
- Guardianship designations
- Durable power of attorney
- Healthcare power of attorney
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What We Can Do For You
Why do we need estate planning in Malaysia?
Malaysia Will Writing
Dedicated Will Writer Malaysia
Cheapest Will Writing Service in Malaysia
Online Will Writing Malaysia
Grant of Probate Malaysia
What They Said About Us
Jennifer Chen
Housewife
Thank you to the professionals at Mr Wills for their advice. They are very attentive and patient in explaining the importance of estate planning to me.
It gives me peace of mind knowing that my children will be well taken care of after naming their guardian and my assets will be distributed to the named beneficiaries in case of my death.
Yana
Sales
They are quick to respond to questions and careful in explaining the whole process. I like that their will writing service is affordable. I’ll definitely recommend Mr Wills to my family, friends, and colleagues.
Hafizh
Businessman
I am glad that I engaged Mr Wills’ service to plan the distribution of my assets, knowing that my family is now protected. They’re highly recommended.
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Offices
Head Office
No. 1F-3, Mayang plaza, Jalan SS26/9, Taman Mayang Jaya, 47301 Petaling Jaya, Selangor, Malaysia.
Phone: +60 11-11938188
Email: info@mr-wills.com
