Will is a legal declaration of a person’s wishes regarding the disposal of his or her property or estate after death or a written instrument legally executed by which a person makes disposition of his or her estate to take effect after death. However, public awareness of the importance of having a will during their lifetime is not much shared and people often neglected to make arrangement in respect of their estate after death which may cause dispute within the family and require judicial intervention in determining the posthumous affairs of the deceased. Below is the table of the advantages of will / testacies:-
|Choice of Beneficiary||Testator1 can choose his/her beneficiary2 .||Beneficiary aredetermined under theDistribution Act 1958.|
|Choice of Distribution||Testator has a say overhow his/her assets are tobe distributed.||Distribution of the Deceased’s assets are in accordance with the Distribution Act 1958.|
|Choice of Trustee and Executor||Testator can choose his/her Trustee and Executor/Executrix3 to administer his/her estate.||Appointment of Administrator(s) of the Deceased’s estate is vested in the Court.|
|Distribution process||Speed up the distribution process considerably as the Testator has listed his/her assets in the Will and save the trouble of gathering the assets details of the Testator.||Require considerable time for the beneficiary to gather the assets’ details of the Deceased in order to apply for administration under the Distribution Act 1958 and the Probate and Administration Act 1959.|
|Funeral arrangements||The Testator can express his/her wishes for his/her funeral arrangements.||The Deceased is deprived of formal expression of his/her wishes for his/her funeral arrangements.|
|Rights of administration||When Testator dies, property vests in Executor/Executrix who has a right to administer Testator’s estate by producing Testator’s Will and Death Certificate.||When a person dies intestate4 , his property will vest in the Corporation/Amanah Raya Berhad; it only vests in the Administrator when one is appointed by the Court and the Letter of Administration is extracted.|
|Administration Bond||No administration bond/guarantors required.||Administration bond/guarantors are required if the assets of the Deceased is above Ringgit Malaysia Fifty Thousand (RM50,000-00)only.|
|Vesting of Property||No vesting order is required if the asset is distributed by the Executor/Executrix according to the Will of the Testator.||Vesting Order / Court order is required for any transfer and/or vesting of the property to the beneficiary of the estate.|
1 The person who’s Will it is.
2 The person or group that receives assets from the Deceased.
3 The person named by the Testator to carry out the terms of the Will.
4 When a person dies without a valid Will.