Maybank Wills And Wasiat

Leaving a lasting legacy… giving made simple.

Many people work hard to build their assets and wealth, to provide for their family’s future. However, when it comes to the issue of how they would like their assets to be distributed during or after their lifetime, they may be less prepared.

Wills

A Will simply defined as a legal document that empowers you to exercise the right of determining who benefits from your assets after your lifetime.

Benefits of writing a Will

• To ensure that your estate and assets are given to the persons you intend to benefit.
• To determine the amount of inheritance and when a beneficiary inherits from you
• To make provisions for family members or friends with special needs or specific lifestyles
• Ability to appoint an Executor of your choice. Your Executor can be an individual or corporation, authorised by you to deal with your assets and should be experienced, independent, trustworthy and impartial so as to ensure proper administration and distribution of your estate
• To appoint the Guardian of your minor children (below 18 years of age) or special child. The Guardian will be the primary caretaker of your children who’s responsible for their well-being
• To remunerate persons in conducting specific tasks stipulated in your Will, e.g. caring for your elderly parents or your children
• To ensure that the distribution of your estate will be fast and efficient, as there are lesser formalities, thus avoiding possible erosion of the value of your estate

What happens in the absence of a Will

• The law and NOT you will decide who inherits your wealth, personal belongings, jewellery and other assets. The court will choose an administrator to distribute your wealth, personal belongings (including jewellery, furniture, art) and other assets according to the law of intestacy, regardless of any desires you may have expressed during your lifetime.
• The process for a court-appointed administrator is cumbersome and time consuming. It will inevitably delay the final distribution of your assets that may in the meantime cause financial distress to your family.
• The court-appointed guardian may not be the most suitable or appropriate person to care for your minor/special child.

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Wasiat

Wasiat is a declaration of a person made during his lifetime with respect to his property or benefit thereof, to be carried out for the purpose of charity or for any other purpose permissible by Islamic Law, after his death.

Benefits of writing a Wasiat

• A Muslim can bequeath up to 1/3 of his estate to non-Faraid heirs or for charitable purposes (after deducting all debts and liabilities). The remaining 2/3 of his estate will be distributed to the Faraid heirs, in accordance to Faraid proportions.
• A Muslim is able to make a provision of Harta Sepencarian in his Wasiat, thus the surviving spouse is able to claim the matrimonial property before distribution of estates as accorded with Faraid principles.
• Ability to appoint an Executor of your choice. Your Executor can be an individual or corporation, authorised by you to deal with your assets and should be experienced, independent, trustworthy and impartial so as to ensure proper administration and distribution of your estate
• To appoint the Guardian of your minor children (below 18 years of age) or special child. The Guardian will be the primary caretaker of your children who’s responsible for their well-being
• To remunerate persons in conducting specific tasks stipulated in your Will, e.g. caring for your elderly parents or your children
• To ensure that the distribution of your estate will be fast and efficient, as there are lesser formalities, thus avoiding possible erosion of the value of your estate

What happens in the absence of a Wasiat:

• The distribution of entire Muslim’s estate will follow Faraid principles.
• Adopted children or step children will not entitle to inherit the estate of their adopted parent or step parent.
• Non-Muslim family members will not entitle to inherit the estate of their Muslim family members.
• The court will choose an administrator to distribute your wealth, personal belongings (including jewellery, furniture, art) and other assets according to the Faraid principles, regardless of any desires you may have expressed during your lifetime.
• The process for a court-appointed administrator is cumbersome and time consuming. It will inevitably delay the final distribution of your assets that may in the meantime cause financial distress to your family.
• The court-appointed guardian may not be the most suitable or appropriate person to care for your minor/special child.

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Estate Administration

Estate administration refers to the effective administration of your estate through the probate process, which means putting your final intentions into effect. It includes the gathering of all your assets, the payment of any outstanding debts, taxes, payment of expenses associated with the administration of your estate to the final distribution of assets to your beneficiaries. Throughout this process, we act impartially in the best interest of all your beneficiaries.

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Will Custody

Keeping your Will in a safe place is important so that it is not damaged, tampered, or unable to be located when needed for probate application. Engaging us as custodian of your Will ensures that your Will is kept safe and confidential.

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Why Maybank Trustees Berhad?

Our professional and experienced personnel to advise and assist you in drawing up your will, ensure that your intentions are met and your legacy successfully distributed in the fastest and most effective manner.

Wills & Trusts Team

Should you have any queries or require further explanation on Wills and Trusts or related matters, kindly contact Retail Trustee Services at the following numbers: