Showing posts with label Will. Show all posts
Showing posts with label Will. Show all posts

Monday, June 22, 2009

who can challenge my Will and what I can do about it?

Writting a Will conceptually makes a person to think about how to allocate his wealth. It is also commonly thought that a Will can speed up the process of handling down the estates faster. Malpf actually teaches that Will is NOT the ONLY, NOR the Best solution in this regard. However, writting a Will is still one of the Easiest ways on this regard due to vast availability of market service providers and the direct implication of Will. ie. you don't need to take a class to learn what a Will is for.

Also because it is easy to understand, many people may have some miss-conceptions on it too. Some may think once you have a Will, your estates are Guaranteed to be distributed in the way you planned for. At least that is what the estate planners market talk about. But in real life after you are dead, your 'plan' can still be challenged! Below shares a couple of common scenarios when a Will can be challenged with high success rate;

1. If your family members have reasons to believe that you didn't have a clear mind (sound mind) or were forced (pressure or duress) into making a Will, they can appeal to disqualify your Will. Family members include those who are beneficiary and those who are not. So if you are setting up a Will in a hospital, it is best you get your doctor to be one of the Witness who can later certify your sanity at the time the Will is made.

2. If you didn't allocate anything to your dependents especially spouse, single daugher, retard or ill child to take care of their daily living needs, your Will can be challenged. If you intend NOT to give ANYTHING, specify clearly your reasons in your Will. The reasons will be used by the judge to determine if the challenges will be accepted as a court case. There is NO simple full proof Reasons for this arrangement, you may need to prepare proof and get a proper lawyer to draft using sensitive terms but the challengers can still find better lawyers to find loop holes in your reasoning. If you can have an apparent reason, that is good. Else just allocate Simple Living Needs to them. Challenging un-adequote is harder than leaving nothing to them.

Other than challenging your Will, one can also raise a dispute by claiming your Will is NOT the latest Will. Since each New Will Voids all Old Wills, authentication checks will be performed upon the so called 'New' Will.

A will written by under age 18 automatically invalid the Will.

If the witness did not actually see the Will being signed, invalid! (attestation clause)

Challenges will NOT void your Will automatically. When someone raises an issue on your Will, the judge will need to consider it. So your Will may still get executed eventually anyway but it is almost certain that the process will be delay.


My left over for my Legacy ...

Related articles
Write your own Will forFREE ( coming in future )
Trust - better than Will ( coming in future )


Sunday, June 21, 2009

Write your own Will for FREE ?

You can write your own will. All you need is 2 witnesses. It will be as legitimate as any 'standard Wills' created by professionals. But if you think your will may be challenged, you should consult a real lawyer whose focus is on wills business, preferably also your 'real' friend.

Witnesses DO NOT need to see the content. Just get them to sign their parts, seal the envelop in front of them and thanks them.

Safe keep your will and only share with those need-to-know bases. Usually the Executor and/or the Beneficiary. Whoever they are, they are the ones who know . . . when you die.

There are many more tips and tricks but the relevancy really depends on your own specific situation. Consult wills experts to skip all the convoluted knowledge and convenient yourself. That is what the RM100-RM300 you pay for.


LAST WILL AND TESTAMENT

of

____________________________________

(Full Names and Surname)

____________________________________

( NRIC / Police Number / Army ID )

____________________________________

____________________________________

(Address)

1. Declaration

I hereby declare that this is my last will and testament and that I hereby revoke, cancel and annul all wills and codicils previously made by me either jointly or severally. I declare that I am of legal age to make this will and of sound mind and that this last will and testament expresses my wishes without undue influence or duress.

2. Family Details

I am married to _____________________________ hereinafter referred to as my spouse.

I have the following children:

Name: ______________________ Date of Birth _________

Name: ______________________ Date of Birth _________

Name: ______________________ Date of Birth _________

3. Appointment of Executors

3.1. I hereby nominate, constitute and appoint _________________________ as Executor or if this Executor is unable or unwilling to serve then I appoint _______________________ as alternate Executor.

3.2. I hereby give and grant the Executor all powers and authority as are required or allowed in law, and especially that of assumption.

3.3. I hereby direct that my Executors shall not be required to furnish security and shall serve without any bond.

3.4. Pending the distribution of my estate my Executors shall have authority to carry on any business, venture or partnership in which I may have any interest at the time of my death.

3.5. My Executors shall have full and absolute power in his/her discretion to sell all or any assets of my estate, whether by public auction or private sale and shall be entitled to let any property in my estate on such terms and conditions as may be acceptable to my beneficiaries.

3.6. My Executors shall have authority to borrow money for any purpose connected with the liquidation and administration of my estate and to that end may encumber any of the assets of my estate.

4. Guardian

4.1. Failing the survival of my spouse as natural guardian I appoint _____________________ or failing him / her I appoint ______________________ to be the legal Guardian of my minor children named:

__________________________

__________________________

__________________________

until such time as they attain the age of _____________ years.

4.2. I direct that my nominated Guardian shall not be required to furnish security for acting in that capacity.

5. Beneficiary

I bequeath the whole of my estate, property and effects, whether movable or immovable, wheresoever situated and of whatsoever nature to my spouse ________________________.

6. Alternate Beneficiaries

6.1. Should my spouse not survive me by thirty (30) days I direct that the whole of my estate, property and effects, whether movable or immovable, wheresoever situated and of whatsoever nature be divided amongst my children named in 2. above in equal shares.

6.2. Should my said spouse and I and my children all die simultaneously or within thirty (30) days of each other as a result of the same accident or calamity, then and in that event, I direct that the whole of my estate, property and effects, whether movable or immovable, wheresoever situated and of whatsoever nature shall devolve as follows:

__________________________________________________________

__________________________________________________________

__________________________________________________________

7. Special Requests

I direct that on my death my remains shall be cremated and all cremation expenses shall be paid out of my estate.

OR

I direct that on my death my remains shall be buried at _______________________ and all funeral expenses shall be paid out of my estate.

8. General

8.1. Words signifying one gender shall include the others and words signifying the singular shall include the plural and vice versa where appropriate.

8.2. Should any provision of this will be judged by an appropriate court of law as invalid it shall not affect any of the remaining provisions whatsoever.

IN WITNESS WHEREOF I hereby set my hand on this _________________ day of _________________20_____ at _______________________________________ in the presence of the undersigned witnesses.

SIGNED: _______________________________

WITNESSES

As witnesses we declare that we are of sound mind and of legal age to witness a will and that to the best of our knowledge ____________________ is of legal age to make a will, appears to be of sound mind and signed this will willingly and free of undue influence or duress. We declare that he / she signed this will in our presence as we signed as witnesses in the presence of each other, all being present at the same time. Under penalty of perjury we declare these statements to be true and correct on this ________________ day of _________________ 20 __ at ________________________________.

Witness 1.

Name: ______________________

Address: ________________________________________

Signature: ________________________

Witness 2.

Name:______________________

Address: ________________________________________

Signature: ________________________



Thursday, August 7, 2008

Terms used in a Will

Beneficiary

One who is named in a Will to receive property - - one who receives a benefit or gift under a Will.



Bequest

A gift. A Will provision leaving property to a Beneficiary.



Codicil

A legal document which is a supplement to a Will. It changes an existing Will.



Donee

One who receives a gift.



Donor

One who gives a gift.



Estate

All property owned by a person when they die.



Executor

A person appointed in a Will to carry-out the wishes of the Testator and to distribute/administer the property of the deceased. In some jurisdictions this person is called a “Personal Representative”.



Guardian

A person with the legal power and duty to care for another person and/or a person’s property.



Heirs

Persons who inherit from another by operation of law where there is no valid Will.



Intestate

To die without a valid Will.



Legacy

A gift of property in a Will.



Power of Attorney

A legal document authorizing someone else to act for you/on your behalf.



Probate

A Court proceeding in which the validity of a Will is established and, in general, the distribution/administration of the property which passes under the Will.



Residue

All property given by Will or Trust after specific gifts of property have been made - -, ie. the balance/what’s left.



Testator

A person making a Will.



Trust

Legal arrangement under which one person controls property given by another person for the benefit of a third person. The person in control is the Trustee. The person giving property is often called the Settlor/Grantor and the person receiving the benefit is the Beneficiary.



Trustee

A person appointed to administer a Trust.



Will

A legal document in which a person sets-out his/her intentions about what he/she wants done with his/her property after death.



Witness

A person who saw/observed a specific event such as the signing/execution of a Will.