Will and trust planning

The Centre for Extension Education (CEE) organised a talk titled “Write a Will and Set up a Private Trust to Protect your Family and Assets” on 4 April 2019 at UTAR Kampar Campus. The speakers were Rockwills Senior Estate Planner Wong Wai Sing and Estate Planner Wong Wai Kein.

Wai Sing speaking about the total unclaimed assets

Wai Sing, who spoke first, gave the definition of a will. According to him, a will is a document containing written instructions that will take effect upon the writer’s death. He mentioned that there is a misconception from the public towards will writing. Many of them also presume that a will enables one to automatically inherit all the assets of the deceased, but that is not the case. He listed some of the common reasons why 90% of people do not have wills. The reasons included ignorance, procrastination, superstitious belief, young age, not rich and assets held under joint names. Wai Sing pointed out that many do not realise that the assets of the deceased will be frozen and individuals who are entitled to receive the inheritance (assets) will need to go through lengthy legal processes which may incur high costs.

He also shared the processes involved to liquidate one’s estate and shared the legal estate administration process in Malaysia (in general with exceptions). On the advantages of having a will in regard to one’s immovable property in Malaysia, Wai Sing mentioned that the will benefits the person who needs protection and one’s property is not segmented under the Distribution Act. Other advantages included the will’s ability to prevent too many owners for a property and that it can benefit family members who have no provision under the law.

The speaker continued listing a few other advantages which were saving on stamp duty; no inheritance tax; no two guarantors are required; having preferred or trustworthy executor; less legal fees and faster process.

Wai Sing also urged participants to set up an insurance trust because it will be not be subjected to claims by the creditors of your estate, need not to apply for Grand of Probate and a trust is not part of your estate. He convinced the participants by laying out the benefits of an insurance trust. The benefits were immediate cash flow to the child; financial support for the child’s daily living and medical expenses; guardian is able to receive some allowance from part of the proceeds; proceeds are not subjected to income tax; does not financially burden the guardian and it allows for substitute of beneficiaries.

Wai Kein advising parents to prepare wills for their children

Meanwhile Wai Kein, the second speaker, advised young parents to prepare a will in view of many cases that saw many young children left helpless because of their parents’ death. “As parents, we have the responsibility to care for our children and that includes keeping them protected should any mishaps occur. Some of these mishaps are unpredictable which is why we should make early planning to ensure the future of our children is in good hands,” advised Wai Kein.

He added, “When preparing a will for your children, both parents should agree on the same appointed guardian to avoid any confliction in the custody process. That way, you are able to ensure that the guardian you selected for your children is someone you trust and someone who is reliable.”

The talk ended with a souvenir presentation to the speakers by CEE staff Ho Mei Kei. 

From left: Ho presenting the token of appreciation to Wai Sing and Wai Kein


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