If you decide to write your Will, what are the documents you need to prepare? What are the matters you need to consider? Furthermore, how do you start to write a Will? In fact, making a Will is very simple. We provide the following guideline on how do you prepare to write your Will.
Firstly, you (the Testator) must name at least one person or Trust Corporation as an Executor(s) for your Will. You may also appoint up to maximum of four Executors. However, it is advisable that you should appoint a Substitute Executor, the reason being if the main Executor dies before proving the Will or unable or unwilling to act, then the Substitute Executor is available to act.
Appointing an Executor is an important consideration when you making your Will. This is because the Executor will be responsible for the administration of the deceased’s estate. He/she must be honest and reliable, willing to take this responsibility. He/she must have time to complete the process of the administration of the deceased’s estate. Once you have finalized who will be your Executor(s) in your Will, you should seek for their consent whether they agree to act as your Executor when you are not around, then you can name him/her as your Executor(s) in the Will. If they refuse or you don’t have a suitable person to act as an Executor, you should consider appointing Rockwills Trustee Berhad as a Sole or Substitute Executor in the Will.
Secondly, if you have minor children at the time of writing the Will, one or more Guardian(s) can be appointed in your Will. It would be better to appoint a Substitute Guardian. Generally, the surviving spouse will assume the role of the Guardian. The role of your Guardian is to take care of the welfare of your minor children if both parents predeceased.
The third issue is to consider your beneficiaries. If you decide to give your legacy to a sole beneficiary, it is once again advisable to have a substitute beneficiary in the event that the sole beneficiary dies before the testator. The estate includes all your assets including the moneys in the bank accounts, motor vehicles, unit trust & mutual funds investment, company shares listed on KLSE, jewellery, club memberships, properties, business, etc. Beneficiaries may also include charitable and other non-profit organisation.
The next step is the distribution of your assets which states the name and relationship of the beneficiary.
The testator should prepare a list of the particulars of the Executor(s), Guardian(s), your beneficiaries and list down all the assets. When you have prepared the necessary information, we will proceed to take your instructions so that we are able to draft a Will for you. We will make sure that your wishes come true. Your hard earned assets and your loved ones are protected by a Will.
When executing the Will, the testator must sign his Will in the presence of two witnesses and these two witnesses must also sign the Will in the presence of the testator at the same time. These two witnesses are not beneficiaries or a spouse of a beneficiary in the Will. The function of the witnesses is to confirm and verify the state of mind of the testator as being of sound mind.
Finally, after a Will is signed, it must be kept in a secure place. Some people hide their Will so well it is as good as lost! Most people would keep it in a bank safe deposit box. However, it is not a good idea when it comes to a Will. This is because when the account holder is no longer around, the safe deposit box and everything in it will be frozen. A far better answer is to use Rockwills Professional Will Custody Service.
Reminder!!! Rewriting your Will?
When the circumstances have been changed since you last wrote your Will, for example, change in status (new spouse, divorce); change of Executor and/or Guardian’s status; change of mind with regard to the beneficiaries (e.g. children reaching the age of 21, different beneficiaries); new addition to the family (newborn, adoption); substantial increase in wealth (commencement of business or partnership, purchase of property, inheritance), it is better to review and rewrite your Will with Rockwills.
If you have any doubt or would like to write or rewrite your Will, please do not hesitate to call us at 03-7877 9939 / 03-8080 8903 or 012-369 1993.