Category — The Basics

Probate is a process of that involves:-

• proving the validity of a person’s Will
• identifying, inventorying and appraising a deceased property,
• appointing a person (or more) to handle the deceased person’s affairs
• paying debts and taxes,
• distributing the remainder of the property according to the Will

Here is a short guide on how to write a Will that is legally binding. While different countries or state have some minor variations, at the most basic level a Will must contain certain sections and this applies whether you choose to use an online Will writing service, use Will forms or use an attorney.

A Title

Your document should contain a title or heading that says Last Will and Testament. While the exact title is not crucial as I’ve seen Wills with just Last Will as the title, the best is still to use the full sentence above. It is common to have the cover page with the title “Last Will and Testament of John Doe Sr” for example.

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The next key person you need to select are:-

3. Beneficiaries . These are people who would benefit from your assets. Usually, they would be family, relatives and/or friends, but it can include charity organization or anyone at all. When you choose to leave everything to only one person say your spouse, then you must have alternative beneficiaries in case your spouse don’t survive you.

4. List Your Assets . Write a list of your assets including property, bank accounts, shares, vehicles, jewellery and anything of value. This is to make sure you don’t miss out anything.

5. Who gets what ? This is where you decide who gets your assets. Besides the larger item like property or cars, if you intend to give a certain asset to more than one person, it is better to specify using percentage rather than a fixed dollar value. With inflation, RM 50,000 today is worth very little 10 to 20 years down the road.

Important point to note. [Read more →]

Although wills drafted online are created to address wide issues upon your death, there are some things they cannot cover. Here are some common things that people include in their will but cannot be accomplished because of practicality or legal issues.

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Whether you decide to prepare your Will online or to to use an attorney, you need to do some preparation to gather the relevant information. It might seem like a lot of work at the beginning but the time you invest will be worth it because the information you collected will be useful for other purposes, like helping your family to track your assets when you have passed on. [Read more →]