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To will or not to will

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Tong Tim
Tong Tim

A guide on whether you should make a Will and the estimate costings based on Klang Valley, Malaysia figures.

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TO WILL OR NOT TO WILL THE SMALL ESTATE DISTRIBUTION ACT 1955 read together with the Distribution Act 1958
WILL Can choose who to give, who NOT to give (even family members) Can choose to give in different proportions than Distribution Act Can choose who to handle the things for you (Executor) Can use as a vehicle for Last Testament parting words NO WILL Will follow the Distribution Act 1958 on who gets to inherit . The proportions are fixed by Distribution Act . There is no one particularly chosen to be Executor, the family or government agency will need to decide for you
WILL Cost of writing a Will, if use lawyer or Will-writers (RM300 to RM3000) Cost of High Court to get Grant of Probate (RM4000 to RM10000) Cost of Land Title transfers done by lawyers Possible cost of Trust Corporations NO WILL No Will writing cost . . No High Court cost, but there is fees at Land Office or Amanah Raya Land Title transfers done by Land Office directly: only fees Possible cost of Amanah Raya
DISTRIBUTION ACT , 1958 It only goes to Government if you dont have RELATIONS SHARE(S) Spouse, children and parents (other proportions if only two categories, children bigger Share) Spouse 1/4 Children1/2 Parents 1/4 Brothers and sisters Equal shares Grandparents Equal shares Uncles and Aunts Equal shares Great grandparents then Great grand uncles/aunts Equal shares SPECIAL NOTE : NEPHEWS and NIECES do not inherit directly need Will
TONG S-TIM & ASSOCIATES s t i m t o n g @ g m a i l . c o m 0 3 - 6 2 1 1 7 5 0 3 ( M e n a r a 1 M K )

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To will or not to will

  • 1. TO WILL OR NOT TO WILL THE SMALL ESTATE DISTRIBUTION ACT 1955 read together with the Distribution Act 1958
  • 2. WILL Can choose who to give, who NOT to give (even family members) Can choose to give in different proportions than Distribution Act Can choose who to handle the things for you (Executor) Can use as a vehicle for Last Testament parting words NO WILL Will follow the Distribution Act 1958 on who gets to inherit . The proportions are fixed by Distribution Act . There is no one particularly chosen to be Executor, the family or government agency will need to decide for you
  • 3. WILL Cost of writing a Will, if use lawyer or Will-writers (RM300 to RM3000) Cost of High Court to get Grant of Probate (RM4000 to RM10000) Cost of Land Title transfers done by lawyers Possible cost of Trust Corporations NO WILL No Will writing cost . . No High Court cost, but there is fees at Land Office or Amanah Raya Land Title transfers done by Land Office directly: only fees Possible cost of Amanah Raya
  • 4. DISTRIBUTION ACT , 1958 It only goes to Government if you dont have RELATIONS SHARE(S) Spouse, children and parents (other proportions if only two categories, children bigger Share) Spouse 1/4 Children1/2 Parents 1/4 Brothers and sisters Equal shares Grandparents Equal shares Uncles and Aunts Equal shares Great grandparents then Great grand uncles/aunts Equal shares SPECIAL NOTE : NEPHEWS and NIECES do not inherit directly need Will
  • 5. TONG S-TIM & ASSOCIATES s t i m t o n g @ g m a i l . c o m 0 3 - 6 2 1 1 7 5 0 3 ( M e n a r a 1 M K )