A talk titled “Will writing, establish a private trust to protect your family and assets” was organised by UTAR Centre for Extension Education (CEE) on 23 July 2019 at Sungai Long Campus. The talk was delivered by Kam Yew Wai, a professional will-writer from Rockwills Corporation Sdn Bhd.
Kam highlighting the importance and benefits of writing a will
In his talk, he explained the current scenario of will-writing practice in Malaysia, saying that there were estates worth RM60billion left unclaimed by family members of deceased Malaysians in the year 2016. “This amount has grown from RM40billion back in the year 2007,” he said. According to him, more than 90 per cent of eligible Malaysians do not have a will. He explained, “Some people think they are too young and not rich enough to have one; some people believe in superstitions, and some of them claim that all their assets are held under a joint name.”
He said, “Most people generally presume that their assets will automatically go to their loved ones when they die. The truth is your asset will be frozen. This is because there is a legal process to follow before any assets can be transferred.” He explained that the two solutions to unlock the assets are Grant of Probate (GP) and Letter of Administration (LA). A GP will only be issued to allow an executor to administer deceased person’s will if there is a will; while an application is required for an LA to unlock a deceased person’s frozen estate if there is no will.
Besides, Kam explained the rights and procedures for inheritance as well as the potential risks of intestacy. He mentioned that beneficiaries would cost more money and take longer time to settle frozen assets without a valid will. He also encouraged the participants to set up an insurance trust and safe custody, adding that this would be able to secure their assets and protect the beneficiaries.
The talked ended with a Q&A session, followed by a presentation of souvenir from CEE staff Ng Ik Ching to Kam.
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During Q&A session
Ng (left) presenting a token of appreciation to Kam
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