Estate planning ensures your assets are distributed according to your wishes after you're gone.
Here are 5 key points to know:
1. Do I need a Will in Malaysia?
Yes, even if you have minimal assets. A Will allows you to choose your beneficiaries and avoid the state distributing your assets according to intestacy laws.
2. What are the legal requirements for a Malaysian Will?
You must be at least 18 years old (21 in Sabah).
The Will must be in writing and signed by you in the presence of two witnesses.
Witnesses cannot be beneficiaries or their spouses.
3. What happens if I die without a Will (Intestacy)?
Your assets will be distributed according to the Distribution Act (West Malaysia & Sarawak) or the Intestate Succession Ordinance (Sabah). This may not align with your wishes and could lead to delays and legal complexities.
4. Do I need a lawyer for estate planning?
While not mandatory, consulting an estate planning lawyer is highly recommended. They can ensure your Will is valid, guide you through legal nuances, and tailor a plan to your specific needs.
5. How often should I update my Will?
Review and update your Will whenever there are significant changes in your life, such as marriage, birth of children, or changes in asset ownership.
If you have any questions or require any additional information, please contact our Managing Partner, Eugene Yeong.
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