When There’s a Will There’s a Way
Preparing a Will may make a whole world of difference to your loved ones.
There is a huge difference when one dies with or without a Will. It matters most to the ones you leave behind. Picture them having to mourn your loss and to add salt to wound, they have to wait a number of years before they are lawfully allowed to have access to your assets. No one would want this to happen to his/her loved ones.
Why is a Will important?
A Will is your last and most important document that you can prepare in your life. A Will is only applicable to non-Muslims whereas for Muslims it is the Wasiat that plays the role of asset distribution under the Islamic Inheritance Law (see Wasiat article).
A Will is a legally binding document/declaration by a person that signifies his/her wishes in regards to distribution of his/her possessions upon death. How would you feel when all your life’s earnings and assets are left to be managed and distributed by an appointed “stranger” when you’ve passed on? In this case, when a non-Muslim dies without a Will (intestate), the law distribute his possessions under the Distribution Act 1958 (for Peninsular Malaysia and Sarawak) or The Intestate Succession Ordinance 1960 (for Sabah).
If there are no living primary beneficiaries, then the following person(s) are entitled to the possessions in accordance to below priority:
Advantages of having a Will:
Certain circumstances can cause a Will to be revoked:
How can I get a Will done?
Public Mutual in collaboration with PB Trustee Services Berhad (PBTSB) provides Will writing as a value-added service to our investors. For Mutual Gold and Mutual Gold Elite members, the first Will Writing service be at no cost for Standard Will.
This article is prepared solely for educational and awareness purposes and should not be construed as an offer or a solicitation of an offer to purchase or subscribe to products offered by Public Mutual. No representation or warranty is made by Public Mutual, nor is there acceptance of any responsibility or liability as to the accuracy, completeness or correctness of the information contained herein.
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