Product Disclosure Sheet
A Will is a deed of disposition of property instructing the Executor/Administrator to fully carry out the testator’s wishes after his/her death. It also includes strategies for estate planning and management.
There are 2 types of Wills:
- Muslim Wills:
- A Testator can bequeath property to a non beneficiary who is not entitled to anything under Faraid Law. Only 1/3 of the unadministered assets after deduction of liabilities may thus be bequeathed. The remaining 2/3 of the Testator’s property shall remain the lawful share of the beneficiaries under Faraid Law.
- A Testator however may bequeath more than 1/3 of his/her property provided the beneficiaries agree to such a bequest after the testator’s death.
- Non Muslim Wills:
- In the case of non-Muslims, the assets may be bequeathed to any person the Testator chooses.
- In the absence of a Will, the assets will be distributed according to the Distribution Act 1958.
Benefits & Features
- Writing a will is especially important if you have children or other family who depend on you financially, or if you want to leave something to people outside your immediate family.
- Having a valid will avoids uncertainty by ensuring that your wishes will be reflected and executed under a legally binding document.
- Appointing an Executor/Administrator vide a Will helps ease the administration of your estate upon your death and avoid disputes between your beneficiaries.
- The contents of your Will and proclamation of assets will be treated with utmost confidentiality.
- Your Will, will be kept in custody by the ARB at NO extra charge.