In general, a will is a deed of disposition of property directing the Executor/Administrator to fully carry out the testator’s wishes after his/her death.
There are 2 types of Will:
- Muslim (Wasiat)
Muslim Wills Enactment (Selangor) 1999 defined a will as an iqrar or admission of a person made during his lifetime with respect to his property or benefit thereof to be carried out for the purposes of charity or for any other purposes permissible under Islamic law after the testator's death.
- Non-Muslim (Will)
Wills Act 1959 defines a Will as a document where a person states his intentions as to how his estate is to be administered and distributed after his death and who is to administer it.
Partnering with Amanah Raya, a class-leading trust corporation in Malaysia, Bank Rakyat offered a Will writing services (Penulisan Wasiat) to ensure the assets reach to the rightful beneficiaries after the demise (testator’s death) and will ensure that it will be executed in such a way that all the wishes of the testator are fulfilled.
It is an essential step in estate planning whereby one conveys his / her wishes as to how their assets should be distributed. A properly planned property distribution vide a Wasiat / Will would ensure the properties are distributed to the loved ones for their benefit, of which Amanah Raya will carry out the duty to distribute the estate swiftly and professionally.
Performing Will Writing/Wasiat services provide benefits that will help your loved ones, such as:
- A safeguard to the future of the loved ones by formulating a scheme of distribution of testator’s choice.
- Appointment of a trustworthy Executor/Administrator via the Will helps guarantee the welfare of testator’s children (minor) when they are no longer around.
- To ease the burden of testator’s heirs.
- To make known testator’s wishes as to how the estate should be distributed for the benefit of charity and the loved ones.
A testator making a Will is actually performing a noble task of conveying his wishes regarding the disposition of the wealth accumulated by him during his lifetime. Nevertheless, without a Will, the distribution of the wealth is as below:
In the absent of a Wasiat, the distribution of the assets will follow the Faraid Law, which is the portions determined by Shariah to be allocated to beneficiaries (Surah An-Nisa' : verse 11, 12 and 176).
In the absent of a Will, the estate and assets will be distributed based on the Distribution Act 1958.
Still, some of the implication that might occur are:
- Unjust distribution of asset
- Difficulties in listing the deceased debts
- Risking the well-being and rights of the loved ones
- Accessible – Can be done at any Bank Rakyat branches nationwide
- Affordable – Only RM500 (for both Muslim and non-Muslim)
Eligibility requirements of the applicant are as follows:
- Malaysian citizen regardless of race and religion
- Peninsular and Sarawak’s applicants: Aged 18 years and above
Sabah’s applicant: Aged 21 years and above
- Sane minded