Customer Sales

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

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