Borneo Post with the expert help of Rockwills Trustee Bhd, the leading specialist in estate planning having pioneered wills and trust 24 years ago, is publishing a regular Q&A column on estate planning. It will feature questions which readers have in mind but don’t know who to ask:
Question 1: Hi, my wife passed away a few months ago. As I am trying to get things settled, I am wondering what I should do about the house which I share ownership with her but I am the one who make payments for the loan all this while. I tried to look for her will, but I could not locate any. What will happen to our house? For your information, we have two children.
Rockwills Answer: We are very sorry to hear about your losses. If you are unable to locate your wife’s will, then the house will be distributed according to the Distribution Act 1958 (applicable to Peninsular Malaysia and Sarawak) regardless of who actually paid for the housing loan.
The Act provides that your wife’s share in the house shall be distributed according to the table below depending on who survives her:
- If her parents are alive, her parents will get 25 per cent, the spouse (you) 25 per cent and children 50 per cent.
- If both her parents have already passed away, the spouse (you) will get 33.33 per cent while your children will get 66.67 per cent.
If you are concerned about the house being inherited by your parents-in-law, you could discuss with them to see if they are willing to renounce their inheritance right in the house, or at least write a Will and name you or your children as the beneficiaries for the house.
Otherwise, a 25 per cent of your wife’s shares in the house may go to your brothers and sisters-in-law if her parents pass on without leaving a Will, which could further complicate the matter.
To start off the administration, you should first discuss amongst the beneficiaries regarding who should be in charge of your wife’s estate to be appointed as the Administrator.
Thereafter, seek your preferred lawyer to apply for a Letters of Administration to administer your wife’s estate. You may seek further advise for asset distribution from your lawyer thereafter.
Last but not least, do consider to get your own will done if you have not and make sure it is kept in a place that is secure and yet can be found when the time comes.
Do consider professional will custody service such as Rockwills wills Custody Service where all wills are kept centralised in a safe room with industrial grade bank vault door, with fire and flood proof features.
There are even extra measure such as room humidification control system to prevent the wills from fungal damage and 24-Hour surveillance to ensure utmost security. Such service ensures that your Will is confidential, prevents tampering and at the same time can be found when it is needed. Moreover, it is a very cost effective solution in the long run.
Question 2: My mother has passed away and as I know, she has been receiving cash from my sisters who lives in oversea when she is alive and she kept them in a bag. As we are sorting her personal belongings, we found that all the cash were gone. We suspect that one of our siblings took the money without our knowledge. What can we do?
Rockwills Answer: If you have reasonable grounds to suspect that someone has stolen the money after your late mother passed away, we suggest that you notify the appointed Executor so that he or she will make a police report and let the police handle the investigation.
We suggest that you also seek a lawyer who is well versed in such matters to ensure the beneficiaries’ interest are looked after.
This Q&A Column in published as a joint public service and educational initiative with Rockwills Trustee Bhd. Please email your questions related to Estate Planning to [email protected] or Rockwills’ Training & Business Development Assistant General Manager Sam Chan ([email protected]).