Estate Planning in Malaysia
Trying to protect your loved ones by planning your estate distribution in case something happens to you? You’ve come to the right place. The best time to plan your asset distribution is now, so that your family’s future is assured in the event of your untimely departure.
Your estate includes all that you own, both moveable assets such as shares, car, insurance, unit trust, jewellery, cash, and bank account as well as immovable properties like buildings, houses, and business – enterprise, sdn bhd, listed company.
When it comes to estate planning in Malaysia, there are several professional estate planners that you can engage with for such service. Mr Wills is one of them.
Mr Wills - Your Trusted Will Writing Professionals
Mr Wills is a group of will writing professionals who believe that everyone should receive quality will writing services, including professional advice on estate distribution and will process. Services like this make it easier for individuals to plan their estate, especially when there are many legal processes and documents involved.
Engaging our services ensure that nothing is left out and your estate will be bequeathed to your loved ones based on your wishes.
There are also several other will writing service providers in the market, such as SmartWills Malaysia, and law firms too.
Services offered by Mr Wills in Malaysia
Mr Wills’ team has extensive knowledge and are qualified professionals for the following services:
Will writing service
When you have a will, the executor will help to ensure that your estate is distributed based on your last Will and Testament. If you pass away intestate (without any will), your intended beneficiaries may not receive your estate based on your wishes.
At Mr Wills, our affordable will writing service starts from RM480. You can also check out the package offered by other firms for comparison. Note that Rockwills Malaysia is in our panel list, so Rockwills price is comparable to ours.
Just like our panel Rockwills Malaysia, our comprehensive will writing service encompasses the critical areas such as but not limited to providing Will Custody services, protecting your Will’s authenticity, keeping track of your assets as well as appointing a Trustee and an Executor to ensure that your beneficiaries’ interests are protected.
Family trust planning
Family trust planning consists of a roadmap for complete estate planning to ensure your next generation is able to live in the lifestyle they are used to. At the same time, they will learn to use the resources wisely to manage and preserve wealth while growing and investing them based on your wishes.
The 3 pillars which are the core of the family trust planning are:
- Will writing: decide who will be the executor, children’s guardian, and beneficiaries
- Family trust: decide what is the purpose, how, and when your wealth is transferred
- Trust funding: decide on the amount (how much) of your wealth is transferable to your beneficiaries
Our trust planning service is priced from RM2000.
It’s not just about deciding a budget, starting to save money, and planning a retirement.
To create a solid financial plan, it should include estate planning as it protects your loved ones’ interests beyond your financial assets.
In financial planning, Mr Wills’ team will assess your overall financial health. With proper guidance, you will be able to make decisions about present assets in an effort to achieve greater financial freedom and meet financial goals for yourself/your business in the future.
Estate tax planning
Basically, you use tax planning to ensure you pay the least amount of taxes possible by analyzing your financial situation or plan.
There are five general tax objectives of estate planning: providing for loved ones, making sure assets are distributed appropriately, protecting them, minimizing taxes, avoiding or minimizing probate, and planning for incapacity.
Good news is, Malaysia does not impose any type of death tax, inheritance tax, or estate duty at the moment. A deceased individual’s accumulated wealth is not subject to a final tax.
In other words, there will be no tax levied on the inherited assets, whether immovable or movable. In the event that the new owner decides to sell the property, the tax will be imposed. In cases where movable assets, such as mutual funds, gold, shares, etc., are sold, the new owner will not be subject to taxes.
Talk to us at Mr Wills
Before deciding on whose estate planning services you would like to engage with, be sure to consult them in detail.
Here at Mr Wills, we provide a total planning solution, where we will advise on tax planning and your current financial planning to ensure it is sufficient for your loved ones to live a comfortable life after your passing.
Call us today for a free consultation on your current situation and assets status before proceeding with will writing!