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7/28/2019 Customer Sales
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Basic Knowledge
Of A Will
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What Is A Will ?
A Will is a document that contains
Your intentions on how you would like
Your assets to be distributed andTo whom it should be given
Upon your Death
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Why You Need A Will ?
You have control on the manner of distribution of your assets You may appoint an Executor of your choice to administer your
assets You may appoint a Guardian of your choice for your children No sureties or surety bonds required when applying for a Grant of
Probate The Probate process is normally faster than the process required for
Letter of Administration (LA) The legal fees for Probate is normally cheaper than the legal fees
for LA You can decide who your beneficiaries will be and when they can
receive your assets and on what proportion Less traumatic for your loved ones as it will preclude others from
claiming your assets and delaying the process of distribution
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What Happens If You Die
Without A Will ? If your assets are valued at more than RM600,000
your family will be required to obtain two persons tostand as guarantors. These persons must have assets ofthe same value or more than you at the time of your
death If your assets are less than RM600,000 your family will
need to put up a Surety Bond, the amount shall bedecided by a Judge
Your assets will be distributed according to theDistribution Act 1958 and not as per your intentions
Your family will have to decide and agree upon who willbe the Executor(s) or Guardian(s) of your children
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Distribution Act 1958
If you pass on leaving This is what they will get ..
Spouse + Children + Parent(s) Spouse - 1/4Children - 2/4Parent(s) - 1/4
Spouse + Children, no Parent Spouse - 1/3
Children - 2/3
Spouse + Parent(s), no Children Spouse - 1/2Parent(s) - 1/2
Children + Parent(s), no Spouse Children - 2/3Parent(s) - 1/3
Parent(s) only Parent(s) - Whole estate
Spouse only Spouse - Whole estate
Children only Children - Whole estate
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What Are The Contents Necessary
In A Will ? Appointment of Executor(s) / Trustee(s)
- To manage and administer your estate
Appointment of Guardian(s) if necessary
- To look after the well being of your minor children
List of assets and its distribution
- How the assets to be distributed and to whom
Other miscellaneous instructions
- Donation of organs, funeral arrangement, etc
Attestation
- Signing by Testator and two Witnesses
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Where Should You Keep Your Will?
No point of writing a Will where it
cannot be located when the time comes.
Make sure when you keep the Will, it
Can be found when needed
No one can tamper or see the contents of it
Safe from fire, burglary and flood
Safe from deliberate and accidental destruction
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Who Should Know You Have A Will?
Writing a Will is nothing to be ashamed off.Inform your family members, especiallyyour Executor(s) that you have written
your Will and where it is kept.
Dont let your family do a treasure hunt justto find your Will when then needs arises
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How Your Will Is Executed?
When the time comes,
your Executor(s) may need to ;
Appoint a Lawyer to do the Probate Application
Get a copy of all your beneficiaries NRIC orBirth Certificates
List out all the bank accounts, property titlesnumber, car registration, CDS numbers,
businesses and all assets under your name Pay off all your debts, income tax, credit cards,
loans on properties and vehicle(s)
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What Is The Cost Of Executing
Your Will ?
Lawyers fees in applying for the Grant ofProbate
Court fees for granting the Probate
Stamp Duty for transfer of properties
Legal fees for transfer of properties
Other professional fees, eg accoutant,valuer to value your assets
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Introducing
ING Family Protection Plan
An innovative Insurance Policy with a Willattached which provides a hassle freeexecution and administration of your
assets until it reaches your beneficiarieswith all the expenses taken care off
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What Is
ING Family Protection Plan?
Basically a Limited Pay Whole Life Policywith Total and Permanent Disabilitypremium waver rider with the purpose of
saving your family from the hassle ofexecuting and administering your assetswhen you pass on and ease them of thefinancial burden during the period of Will
execution and administration, andcomplete with the transfer of the assets toyour beneficiaries
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The Benefits Of
ING Family Protection Plan Ensure that your Will is properly written Your Will is in the safe custody of a Public Trustee where it can be
retrieved easily when the time comes Save your family members of the hassle of executing your Will A monthly allowance will be given to your family members to help
them ease through during the execution of your Will Your family do not have to come up with a large sum of money to
pay the legal fees for the execution of the Will as well as the StampDuty and legal fees for the transfer of properties
Your funeral expenses can be taken care off To settle off all mortgages or loans owed to banks on your
properties To settle any outstanding loans on your vehicle(s), credit cards and
income tax repayment
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What Will You Get ?
A copy of comprehensive Will for your reference Four Personal Will Card for you to pass to your
Executor(s) or family members for them to knowwhere you keep your Will and to enable them to
retrieve the Will when the time comes A Will Execution Handbook which will guide your
family of what to do and documents to providefor the execution of your Will
A yearly Personal Asset Updating booklet for youto fill in your assets and where you keep thedocuments for easy and fast execution of yourassets
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How Much Does It Cost?
Insurance Premium- The premium of the insurance will depend on the estimated
fees required in executing your Will based on the estimatedtotal value of your assets, together with any moneys you wishto allocate for
Will Writing Fee- A basic Will writing fee of RM300 for the first five
clauses and additional RM50 for every subsequent clause Will Custody Fee
- You have a choice of a yearly payment of RM80 perannum up till a maximum of 20 years or a one time
payment of RM800 for lifetime custody Stamping Fees
- Since it is a trust policy, there will be a Absolute Assignmentand a Trust Deed which will need to be stamped. The stampingfees is RM10 per document