Wills OverviewMeeting-3

Pacific WillPlan and TrustPlan offers a range of services which include:

  • Will Writing
  • Testamentary Trust
  • Custodial Services
  • Executorships and Administration of Estate
  • Administration of Private and Charitable Trusts

 

The Will Document

 

YPR_025Will is a very important document. Without a Will, the law decides how your estate is distributed. The preparation of a Will ensures that your estates are distributed according to your wishes. We offer conventional, Christian and Islamic Will writing services to our clients, the following is a brief description on wills:-

  • A Will is a legal document stating how assets are to be managed, arranged or distributed to Beneficiaries after a person’s demise.
  • The preparation of a Will ensures that your estate is distributed according to your wishes. The Will can make provisions for specific legacies and trust management for the estate.
  • A Will involves up to five parties – Testator, Beneficiary (Legatee), Executor, Trustee&Testamentary Guardian (for minor beneficiary)
  • A Will can only take effect upon the death of the Testator, and can be revoked at any time prior to that.
  • The Testator has the right to change the contents of his or her Will at any time.
  • No gifts or assets are transferred to Beneficiaries at the time of making the Will.
  • A Beneficiary can’t lay claim to property originally willed to him but later taken away from him by the Testator in the final Will.
  • Assets not owned by the Testator, but expected to be acquired in future, can be included in the Will.
  • Declarations of intentions need not be confined to property matters only, but can include certain wishes or dispositions which the Testator desires to be carried out.

 

Benefits of a Will

 

Benefits of Writing Your Will

  • Ensures that estate distribution will be according to your wish.
  • Avoids cumbersome administrative process and delays in distribution.
  • Protects your dependents from unreliable or unscrupulous persons who may gain control of your estate.
  • Ensures your assets go to Beneficiaries you desire,and not decided by law.
  • Reduces chances of family disputes over your estate.
  • Let Beneficiaries know how you like them to use the assets.
  • Designates who will be Guardian of minor children, and not left to the court to decide.
Custodial Services

Custodial Services
We offer custodial services to ensure that important documents including your Wills are stored safely and securely so that they can be found when needed.

Services Pacific Will Plan

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OUR SERVICES

Fee chargeable is based on number of clauses depending on client’s requirements and wishes for his/ her Will. PACIFIC WILLPLAN service includes:

  • Professional legal advice on estate planning
  • Conventional/ Christian/ Wasiat Will Writing services
  • Appointment of PTB as Executor & Trustee
  • Life-time original Will safe custody

PACIFIC Will Writing

Fee chargeable is based on number of clauses depending on client’s requirements and wishes for his/ her Will. PACIFIC Will Writing service includes:

  • Professional legal advice on estate planning
  • Conventional/ Christian/ Wasiat Will Writing services
  • Appointment of PTB as Executor & Trustee
  • Annual original Will custody (compulsory for the first year with auto renewal)

 PACIFIC Will Rewriting

It is advisable to rewrite a new Will instead of making any clause amendment, addition or deletion on your existing Will.Fee chargeable is also based on number of clauses depending on client’s requirements and wishes for his/ her Will. We offer special rates for existing Clients to rewrite their Wills, with the status of original Will custody remaining unchanged.

When to Rewrite Your Will

  • You are advised to rewrite a new Will if one or more of the following circumstances have changed to ensure the validity of your Will is non-contestable in court.
  • Marriage or remarriage
  • Original Will lost or destroyed
  • Conversion to Islam
  • New-born child/ children
  • Death of family member/ Beneficiary
  • New asset/ property acquired
  • Change of mind (inheritance arrangement)
  • Remove and reappoint Executor, Guardian or Trustee
  • Changes in Law relating to Will
  • Change of residency/domicile
  • Pacific Trustees Berhad offers special rates for existing Clients to rewrite their Wills, with the status of original Will custody remaining unchanged.

 

A Typical Conventional Will

PrivMeetingA typical will consists of  the following.

Make a decision on the Executor of the will . This is the person or persons who will administer your estate when you pass away. Upon your death your assets are termed as an estate when you pass away. Choosing an Executor is quite important if your assets are substantial.

The Executor must be honest and trusthworthy. If you don’t have confidence in anyone, then you can choose a trust corporation to be your executor. If your assets are not that large, then it is quite common to select one or more of your beneficiaries to be the Executor. You need not finalize the person, but at least have 2 or 3 names as potential people.

Choose a Guardian . If you have children below age 18, you should nominate someone as a Guardian. Usually, your spouse is the guardian but you nominate a guardian in case both of you die together or your spouse pass away first.

Guardians would most likely be relatives or friends who love your children. Again, speak to them first and get their consent.Private trust-Family

Beneficiaries . These are people who would benefit from your assets. Usually, they would be family, relatives and/or friends, but it can include charity organization or anyone at all. If you choose to leave everything to only one person say your spouse, then have alternative beneficiaries in case your spouse don’t survive you

Private trust-Wasiat-2Islamic Estate Planning

  • Pacific Wasiat Plan
  • A Wasiat (Will) is a declaration made by a person in writing during his lifetime with respect to the distribution of his estate upon death.
  • The assets of Muslims who die without a Wasiat shall be divided rigidly amongst their heirs in accordance with the Faraid, the Islamic law of inheritance.
  • A Muslim can will away to persons who will not benefit through Faraid distribution, for example, non-heirs, relatives blocked by Faraid, non-Muslim relatives, friends, neighbours or charitable organisations, subject to the 1/3 rule.
  • Heirs are specifically identified in Islam. A spouse, parents and legitimate children (provided they are Muslims) are never excluded from a deceased’s inheritance. Non-heirs in Islam include adopted children or parents; grandchildren; non-Muslim parents, nextofkin and children; as well as organisation such as charitiesand schools.
  • Muslims are encouraged to write a Wasiat.

From the Quran

“It is prescribed, when death approaches any of you, if he leaves any goods, that he makesa bequest to parents and next of kin, according to reasonable usage; this is due from the Allah-fearing.”

(Al Baqarah, 2:180)

From the Sunnah

“It is not permissible for any Muslim who has something to will to stay for two nights without having his last Will and testament written and kept ready with him.”

Translation of Bukhari’s version Volume 4, Book 51, Number 1

Pacific Hibah Plan

  • A Hibah (gift) is a gratuitous transfer of property to another person as an act of love, without any condition.
  • Once the property is transferred by the donor to the donee, the latter has full ownership of it.Private trust-Wasiat

Pacific Hibah Amanah Plan

  • Hibah Amanah is a contract of gift of asset(s) made by the donor during his lifetime for the benefit of Beneficiary(ies) without any consideration.The asset is entrusted to an appointed trustee to be held for the benefit of the Beneficiary(ies) for a certain period of time under a Hibah Deed.
  • Benefits of Hibah Amanah:
  • Effective immediately upon completion of Hibah
  • Not subjected to Faraid
  • Can appoint Trust Corporation with perpetual existence
  • The Settlor has the power to revoke the Hibah
  • Hibah properties are excluded from estate distribution

 Christian Will Planchristian will1

“I tell you the truth, when you were younger, you dressed yourself and went where you wanted, but when you are old you will stretch out your hands, and someone else will dress you and lead you where you do not want to go”
(John 21:18)

Life is a cycle. It is about growing from child to adult to senior. It is also about extending God’s kingdom from generation to generation.

At Pacific Trustees Berhad, we provide financial, estate and gift planning services, including arranging care for children or elderly parents, and naming a guardian for them, all these with special sensivity to our Christian Faith.

Succession-4Thus, our Pacific Christian Will Plan can assist Christians with unique opportunity to maximize your legacy you leave to your loved ones and to the Lord’s work.

The Pacific Christian Will Plan is also an excellent vehicle to pass down our values, life experiences and aspirations to our families and future generations.

 

Contact us

Pacific WillPlan Unit

Pacific Trustees Berhad,
(Co. Reg. No. 317001-A)
Unit A-9-8, 9th Floor,
Megan Avenue 1,
189, Jalan Tun Razak,
50400 Kuala Lumpur.

Fax: 603-2166 9830
Tel:  603-2166 8830

Email :ptsupport@pacifictrustees.com