Showing posts with label will. Show all posts
Showing posts with label will. Show all posts

Thursday, December 18, 2014

Will - 7 Reasons to keep it up-to-date

Will - 7 Reasons to keep it up-to-date
Do not think that when you have drawn up your will you have taken care of your estate. Your financial status, the people around you change and so are your wishes. Here are the 7 reasons that you need to update your will from time to time:

1.Marital status: You were single when the will was written and now you are married. So the will is no longer valid. The same rule applies to divorce and remarry.

2. Additional members to your family: When you have promoted yourself to fatherhood, you have to reallocate your wealth accordingly.

3. A member of your family or your beneficiary passes away. It is necessary to update your will as well.

4.Substantial changes in your wealth: You have acquired more wealth and so you have to redistribute your wealth accordingly.

5.Your executor: He has died, moved away, or is no longer a suitable candidate anymore.

6.Your appointed guardian: He may not be around or is no longer suitable to look after the interest of your minor children.

7. Your wishes change with the time: Situation changes and so are your wishes. Your previous will may not reflect your current wishes.

The simplest and effective way to update your will is to write a new will to supersede the previous one. This article also reminds me to take a look at my will.

Source: http://www.allaboutlivingwithlife.blogspot.com/2008/08/will-7-reasons-to-keep-it-up-to-date.html

Monday, December 15, 2014

Easy and Effective Way to Update Your Will

Will
Last Will and Testament


Have you ever taken a good look at your will? How long ago it was written? More likely than not, most of the items mentioned in your will are no longer relevant or applicable. It is time for you to rewrite your will to replace the previous one. Here is the way to go about it:


 1. Appoint your executor and trustee: It is prudent to appoint a reliable and trusted executor and trustee. My executor and the trustee is Amanah Raya Berhad. It is a public trust company established under the Public Trust Corporation Act 1995. It has branches all over Malaysia.

 2. Provide a list of all your assets with supporting documents and the persons to be distributed to for each item:

a. Immovable assets: land and buildings.
b. Movable assets: motor vehicles, savings accounts, current accounts, share trading accounts, wealth management accounts, insurance policies, PayPal account, AdSense account, websites that attract passive income, retirement accounts such as your Employee Provident Fund in Malaysia.

3. Appoint a guardian and a substitute guardian (optional) for your minor children: Most likely it is your spouse. 

4. Check the draft: A draft is sent to you by email. Go through the draft carefully and identify errors to be corrected.

 5. Execute: When the draft is accepted, you will be asked to sign the will at their office. A duplicate copy of the will be given to you for your safekeeping while the original copy is kept at their head office.

 6. Items not covered: Do not worry about items not mention in the will or assets subsequently acquire, because there is a clause stating that: I further direct all my residuary estate whatsoever and wheresoever situate, movable or immovable over which I may have any power of testamentary disposition and not specifically mentioned under this will to be distributed to….


 I have recently rewritten a new will free of charge because I am a customer of Amanah Raya Berhad. It is a good move to update your will to show your care and concern for your loved one

Source: http://www.allaboutlivingwithlife.blogspot.com/2011/10/easy-and-effective-way-to-update-your.html

Thursday, December 11, 2014

You and Your Will

You and your Will

“To mitigate complications and aid in the procedure of devolution of assets after death, a ‘will’ has to be well planned and drafted.”
― Henrietta Newton Martin


A will is a person's last instructions for his property to be distributed according to his wishes plus other instructions to be carried out. The person who makes the will is a testator.

Why do you need a will?

1. Look after your assets and your family: A will will allow you to take care of your family and your assets in the future the way you want it to be.

2. It's lawful to make a will: You are exercising your right to write a will. By doing so you are able to appoint an executor of your choice to handle your affairs after death. You can also engage a guardian of your choice for your children who are still below the full legal age.


3. Fewer hassles: With a will, you can be sure that your assets will be distributed smoothly and quickly.

4. Flexibility and control: While you are alive you are in control of your assets. You can dispose of part of it or sell all of them or draw up a new will to replace the previous one. The will is only effective upon your death.

Source: http://www.allaboutlivingwithlife.blogspot.com/2007/12/money-you-and-your-will.html
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