What happens if a person pass away without a will?
The property of a deceased person is known as his estate. When a person dies without making a will writing process, he dies intestate. Any Malaysian (a non-Muslim) would be subjected to the Distribution Act 1958 if he or she do not have a Will upon death. In such cases, it may lead to various uncertainties on what will happen to our money and belongings upon death. A further complication is the timing of the distribution of assets may take up 2 to 8 years to complete.
Will Writing Statistics in Malaysia (Source: thestar.com.my )
- Statistics had shown that 90% of Malaysians have no valid trust to assign their estates to their next of kin.
- Close to two million inheritance claims valued at RM45bil are still frozen by various agencies
What is Distribution Act 1958?
Distribution Act 1958 states that when a person passes away intestate, the property he leaves behind will be distributed among his family members. The same law applies to male and female deceased persons.
[table id=1 /]
However, if a person dies leaving no parents, spouse and issue (children), his estate will go to the following persons in order of priority:
- his brothers and sisters
- his grandparents
- his uncles and aunts
- his great grandparents
- his great granduncle and grandaunts
If the above distribution of estate does not favour in your wishes on how you want to distribute your estate, a will writing would be the best way to manage your estate distribution. Hence, estates such as property, savings and other tangible assets should be written within the will so that people would have instructions and solutions in place.
Why write a Will?
A Will would do the following:
- Protects your loved ones
- Protects your hard earned assets
Will writing may seems a tedious process but it is actually quick, simple and easy. From as low as RM480, our certified consultants would be able to guide you through this process with ease. Prisma Wealth’s consultants are all certified Rockwills partner and a market leader for professional will writing services in Malaysia.
Get us to contact you for our obligation-free consultation.