Wasiat

Bilakah wasiat perlu diubah?

2011-11-01T19:06:00.000-07:00

Perubahan dalam status perkahwinan seseorang. Sebagai contoh, berkahwin, bercerai atau berpisah.
Perubahan dalam status Wasi. Sebagai contoh, Wasi yang berhijrah, telah berlalu, telah diisytiharkan muflis atau tidak berupaya.
Perubahan dalam status penjaga. Sebagai contoh, beliau berhijrah atau telah meninggal dunia.
Perubahan hati atau minda berkaitan kepada benefisiari. Sebagai contoh, pewasiat boleh mahu termasuk benefisiari baru atau memotong benefisiari boros.
Perubahan dalam status saksi.
Ada tambahan baru kepada keluarga, iaitu bayi yang baru.
Benefisiari telah meninggal dunia.
Terdapat peningkatan yang ketara dalam aset pewasiat atau harta pusaka.

Trustee services

2009-04-27T20:53:00.001-07:00

del.icio.us Tags: Public Bank,Trustee service,mutual Funds

More info…

What will happen if I do not write a Will

2009-04-26T20:35:00.001-07:00

I guess this is what you interested to know about what will happen if you leave without a Will. As what I have said in previous post, when a person died without a valid Will, it is known as intestacy. It has to undergo administration process rather than probate. Administrators and the beneficiaries have to go through this hassle and complicated process before the distribution can be taken place.

Longer Process Awaiting Letter of Administration

Bear in mind that applying for the Letter of Administration takes a long time. It could take up at least 2 to 6 years in order to obtain the court order. In consequence, it will delay the distribution of estate and at the end incurring a higher legal cost.

No Control over Estate Distribution

Obviously, you do not leave your last instruction with a Will. Your dependants can’t inherit the share of your assets as what you wish. Only the court will make the decision on how much share your dependants will get. The percentage of inheritance is fixed by Distribution Act 1958 (as amended in 1997)/ Intestate Succession Ordinance 1960.

Unable to Appoint a Suitable Administrator

Regularly, administrator is chosen among the beneficiaries and the choice of administrator is decide by the court. Incoming result, this possibly generate conflicts as beneficiaries may not agree to the same administrator and may not know who are the potential candidates to be the administrator. As mentioned in earlier post, executors and administrators both act as a representative for the deceased. Representative holds the huge power throughout all the distribution process and placed a great responsibility. Beneficiaries may not want to take the risk losing his/her inheritance relying the performance of the administrator.

Unable to Appoint a Suitable Guardian

Making a will is vital for people with young children, because writing a Will is the best way to transfer guardianship of minors. As usual, if one has passes away, the guardianship will transfer to the spouse.

2 Sureties are Needed

Commonly, it is extremely difficult to find surety providing security for the administration of the estate. Moreover, it needs 2 sureties allocating the equivalent value to the gross value of the estate and the security shall be accommodated with an administrative bond.

Splitting of Assets to Many Beneficiaries

The splitting of assets effect will be distributed according the Distribution Act 1958 (as amended in 1997)/Intestate Succession Ordinance 1960.

High Cost Incurred

Apparently, the legal fees to apply for the Letters of administration (LA) is much more expensive than Grant of Probate due to the longer time needed and more works are involved.

del.icio.us Tags: Will Writing,Property,Financial

Apakah Wasiat

2009-04-20T19:18:00.001-07:00

Wasiat adalah pengakuan seseorang yang dibuat pada masa hayatnya ke atas hartanya atau manfaat untuk digunakan bagi tujuan kebajikan atau apa-apa tujuan yang dibenarkan oleh Undang-undang Islam, selepas kematiannya.

Aset orang Islam yang meninggal dunia tanpa membuat Wasiat akan diagihkan kepada waris-waris mengikut Faraid iaitu Undang-undang Pewarisan Islam.

Waris telah ditetapkan dalam Islam. Suami,isteri, Ibubapa dan anak-anak yang sah (dengan syarat mereka beragama Islam) tidak terhalang sama sekali daripada mewarisi harta simati.

Cucu contohnya, tidak dianggap sebagai waris yang layak mewarisi secara automatik dia hanya akan mewarisi harta simati dalam keadaan tertentu. Golongan yang tidak dianggap sebagai waris yang layak mewarisi menurut Islam adalah anak angkat, anak luar nikah dan ibu bapa angkat.

Islam membenarkan orang Islam menulis Wasiat ke atas satu pertiga daripada hartanya kepada orang yang disayangi samada mereka Islam atau tidak atau untuk kebajikan asalkan ia menurut Syariah.

del.icio.us Tags: Will Writing,Financial,Money

WILL- What information is required.

2009-04-16T20:39:00.000-07:00

1.The customer's name, address and identification number.
2.His/Her religion, nationality and marital status.
3.The details of the assets and the respective Beneficiaries.