What is Will?
A Will is a declaration of a person’s intentions in respect of the disposition of his/her assets after death.
What happens if someone dies without a Will?
The immediate family member of the deceased shall apply for letter of administration (LA) prior to the distribution of the deceased’s estate in accordance with the Distribution Act 1958.
What are the benefits of leaving a Will?
1. The deceased is free to choose his/her beneficiaries.
2. The deceased is free to appoint any executor/trustee to administer his/her estate.
3. The deceased is able to decide on how his/her assets to be distributed.
4. The deceased may appoint a guardian of his/her choice for his/her children below 18 years
old.
5. The list of assets together with its details can easily be identified.
6. The legal and distribution process would ease up and become faster.
7. Reduce the disputes on the distribution of the deceased’s estate amongst the family
members.
8. Reduce the costs spent on the administration of the deceased’s estates.
What types of assets should be stated in a Will?
Movable assets
Cash on hand, savings in the banks, shares, vehicles, jewelleries, valuable goods, etc.
Immovable assets
Land and buildings, all types of real property including residential, commercial, industrial or agricultural.
Intellectual property
Copyrights, trademarks, patents or trade secrets.
What happens if some of the assets are left out in a Will?
It depends on whether there is a residuary clause in the Will as it will help to deal with the distribution of all the deceased’s assets which were not stated in the Will. Otherwise, the Will is partial intestacy.
What makes a Will valid?
For a Will to be valid, the testator (the deceased who signed for the Will) must:
· be at least 18 years old;
· be acting of his/her own free will;
· be of sound mind;
· have the Will in written form;
· sign the Will at the foot or end of the Will;
· sign the Will in the presence of at least 2 witnesses;
Who shall witness a Will?
Anyone can attest or witness the testator’s signature in the Will except for the beneficiaries and spouse of the testator. However, if the beneficiary/spouse has witnessed the Will, he/she would not be entitled to receive any benefits from the estate of the testator but this would not affect the validity of the Will.
When would the Will start to enforce?
It will be in force upon the execution of the testator in the presence of the two witnesses and it will remain in force until it is replaced by another new Will at a later date, revoked in writing or destroyed intentionally.
Where should the testator keep the Will?
The testator should keep the original Will in a safe place where the executor/executrix knows where to locate after the death of the testator. The original Will shall be deposited to the High Court during the application of grant of probate.
What are the circumstances that the testator is required to rewrite his/her Will?
· Marriage, divorce or remarriage;
· Death of the beneficiary;
· Death of the executor/executrix;
· Changing of the beneficiary;
· Changing of the executor/executrix;
· Changing of the proportion of distribution of the estate; or
· Changing of the size of the estate.
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