Many people if not all, thought that having a will made (apart from being a bad omen) will be costly.
The fact is, a will only costs you RM200 if you have it drafted by a legal firm in Kota Kinabalu. Because it is such a simple document, lawyers are generally shy to charge you more than that. To me, it’s one of those “community service” expected out of a lawyer.
The frame of a will sound like this:
I, (NRIC No. ) of do hereby REVOKE ALL FORMER WILLS AND OTHER TESTAMENTARY DISPOSITIONS made by me and I declare this to be my last WILL AND TESTAMENT and is to take effect according to the laws of Sabah, Malaysia and I further declare that my domicile is Sabah, Malaysia.
2. I DIRECT my Executor(s)/Executrix(es) and Trustee(s) to pay all my just and lawful debts, if any, and all my funeral and testamentary expenses from the monies that I have at the time of my demise.
3. Subject to Clause 2 hereof, I give devise and bequeath unto the following persons in equal proportion all my estate real and personal of whatsoever kind and wheresoever situate of which I shall be possessed to which I shall be entitled or over which I shall have any disposing power at my death:
IN WITNESS WHEREOF I have hereunto set my hand to this Will AND TESTAMENT at Kota Kinabalu, Sabah, Malaysia this …
Not many people realise also that you need not actually have a lawyer to prepare the will for you. It’s just a matter of prudency because if you have the will done in a legal firm, the firm will keep a copy of the will for you. So that your beneficiary later, if they can’t find the will that you’ve hidden “too well”, they could resort to the legal firm.
Secondly, signing in a legal firm ensures that your will is properly signed and witnessed. A will that is signed at home not witnessed properly could be challenged of its validity.
Properly signed and witnessed refers to the legal requirement that a will must be signed by the testator/testatrix (ie the person making the will) in the presence of TWO person, who witnessed the signing of the will at the SAME TIME. In simple words, four eyes looking at your signing hand.
Making a will is simple, all the court procedure, distribution of estate and transfer of property came AFTER the death of the testator/testratrix. At this state, you or rather your descendant, will need to appoint a lawyer.
I will write another blog about administration and distribution of estate.