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What is a Will?
What information is required to write a Will? PDF Print E-mail

Testator’s personal details:

Full Name
Identification Card or Passport No.
Current Correspondence Address
Religion
Contact No. 
Email Address
Marital Status
Gender
Fiancée details if in Contemplation of Marriage (expectance of marriage)

 

Executor and Trustee’s personal details:

Full Name
Identification Card or Passport No.
Current Correspondence Address
Relationship with Testator

 

Guardians for Infant:

Full Name
Identification Card or Passport No.
Current Correspondence Address
Relationship with Testator
Allowances to Guardian, Payment method (monthly, quarterly, yearly), Source of payment), Duration of years involved

 

Beneficiaries:

Full Name
Identification Card No./Birth Certificate No./Passport No.
Current Correspondence Address
Relationship with Testator

 

Testator's Estates/Non-Residual Gifts such as:

Immovable Properties details for house, shop house, bungalow, condominium, flat, apartment, shop, factory, office, building and land (address and particulars)
 

Bank Account Details

Account holder name and address (saving, current, fixed deposits)
Account No. and Safe deposit box no.
 

Insurance Policies Details

Insurance company name and policy no.
 

Shares in the Public Listed Company 

CDS Account No., broking firm name and branch. 
 

Vehicles Details

Vehicles registration no. and vehicle type (car, motorcycle, van, lorry)
 

Companies Details

Private limited company, unlisted company, sole proprietorship, and partnership business details.
Name, registration no., address and share holding proportion.

 

Unit trust/Mutual Fund and Foreign Exchange details.

Investment Bank Account Name and No. and name of fund.

 

Collection of jewelries, watches, bags, paintings antiques and others.

 

Receiver of residual gift details

Full name, proportion, and substitute receiver if the first receiver predeceased the testator.
 

Testamentary Trust establishment details.

Beneficiary Details
Purpose of Trust
Duration of Trust
Asset Provision for the Trust establishment
Payment Mode for the Beneficiaries
 

Powers to Executors/Trustees

Last words and additional instructions for family members and beneficiaries.

 
What is a Trust? PDF Print E-mail

Trust it is where you the Settlor transferring your assets during lifetime to Trustee with a written legal obligation (Trust Deed) to hold and manage the assets (Trust Property) for the benefit of your named persons (Beneficiaries) for a period of time. All assets that are free of encumbrances (not in debt) can be used as a Trust Property.

Trustee

Any person, Trust Corporation or Bank who holds the legal title of the assets and to manage the assets according to the instruction and obligation given by the law and Trust Deed.

Any person who is not unsound mind, bankruptcy and minor is legally capable appointed to be a Trustee.

Trust Deed

A written legal obligation transferring the ownership of a property to a Trustee (Bank, Trust Corporation or Individual), for the purpose of securing a promissory note.

Trust Deed is a private document between the Settlor, Beneficiaries and Trustee.

Trust Deed is custom made for each and different objectives and goals.

Trust Properties

Any properties that free from encumbrances can be held as a Trust Property.

Properties used in a Trust Establishment.

 
Why Set Up A Trust PDF Print E-mail
  • Assets distribution is custom made to your written instructions
  • Confidentiality
  • Immediate usage of assets and funds (No Grant of Probate required)
  • Funds is not frozen upon death
  • Choice of beneficiaries to any persons or organizations even to himself
  • Creditor Proof (for irrevocable trust, after 5 years of Trust establishment is protected against creditor during bankruptcy
  • Muslims can distribute outside Syariah distribution (for irrevocable trust)
 
What is a Living Trust? PDF Print E-mail

Living Trust is a Trust that being established during lifetime of the Settlor. The assets being used for Living Trust do not form part of the Estate and will not be frozen upon death of the Settlor.
The assets set for the Living Trust are not subject to creditor’s claim. Trust is specifically set up for distributing the Trust Property to beneficiaries regardless the Settlor is demised or not.


                                          Assets
 
Assets Frozen Upon Death                      Assets transferred to Trust during Lifetime
Will Written                                          Assets NOT FROZEN upon death
Apply Grant of Probate                           Distribution of Assets
Managing Estate
Distribution Estate

 
Glossary PDF Print E-mail

Administrator

Person who appointed by Court to in charge of the Estate of a decedent, but not appointed in the decedent’s Will.

 

Administratrix

Female administrator

 

Affidavit

A written declaration upon oath made before an authorized official

 

Beneficiary

A person or group under the law who receives benefits, profits or advantages under Wills of a deceased person. 

 

Bequest

Disposition of Estate made in a Will

 

Chattels

Movable Assets

 

Devise

A clause in Will disposing of property

 

Domicile

The permanent legal residence or in which a person is or is presumed to be permanently legal resident.

 

Executor

A person named in a decedent’s Will to carry out the instructions of a Will.

 

Executrix

A female named in a decedent’s Will to carry out the instructions of a Will.

 

Grant of Probate

A Grant of Probate is the authority given by Court for the executors named in a Will to gather all the deceased estate and then distribute it according to the Will’s instruction.

 

Guardian

A person who is entrusted by law and appointed by the testator to take care of minor child's and minor child’s assets until the child turns 18 years old in case you and your spouse die together.

 

Intestate

One who dies without leaving a Valid Will.

 

Issue

Children and the descendants of deceased children.

 

Letter of Administration

Letters of Administration are authority granted by Court to appoint appropriate people to deal with a deceased estate where there are no Valid Will.

 

Letter of Administration with the Will Annexed

Letters of Administration with the Will annexed is granted by Court to a Administrator  when a Valid Wills exists but there are no executor or executor unable to execute the Will.

 

Lex Situs

Lex Situs refers to the law of the place where the property is located for the purposed of the Conflict of Laws.

 

Receiver

A person or Trust Corporation appointed by the Court to manage the affairs of the Estate of a deceased person.

 

Residual Estate

The property that remains in a deceased person's Estate after all specific gifts has been paid off according to a Will.

 

Testator

A person who written a Valid Will.

 

Trustee

A person or corporation that holds legal title to the properties in order to administer it for the beneficiaries.

 

Trust Corporation

A corporation registered under the Trust Companies Act 1949, to provide professional Estate Planning Services to Individual and Corporate client.

 

Witness

A person who attests the testator’s signature and signs the Will in the presence of the testator.

 
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