BORNEO POST with the expert help of Rockwills Trustee Bhd, the leading specialist in estate planning having pioneered wills and trust 26 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: I intend to give away my assets to some of my friends who are foreigners. Can I state their passport number as their identity? As I know, passport numbers do change when they renew their passport.
Rockwills Answer: You can use the passport numbers as the identification of your beneficiaries in your will.
However, it would be better if other unique identifications that could not be changed even when it is being renewed such as driving licenses are provided.
It is best to check with your beneficiary as different countries may have different practices.
For example, Japan has recently introduced national identity cards for its citizens.
Aside from identification, you should also make sure that you appoint a person who is familiar with the transfer of assets to beneficiaries who reside in a foreign country.
This will ensure your estate is being administered efficiently in terms of time and cost.
Do seek advice from a professional estate planner who is experienced in giving advice on naming a foreigner as the beneficiary as the procedures or requirement for transfer of assets or remittance of monies for each country may be different.
Question 2: I understand we can include anything we own into our will. Can I use a will to give my mobile number to my son?
Rockwills Answer: It is correct that you can include anything you own in your will. However, some assets could give a false impression and
be easily mistaken as ownership.
For example, company assets are in fact owned by the company instead of the shareholders. Shareholders are merely the owners of the shares of the company.
This is a common issue faced by small business owners who buy assets under the name of their company.
A mobile number is not considered to be your asset although you are currently using it.
Rather, the right to use the mobile number is granted to you by way of licence by the telecommunication company. Therefore, you would not be able to give away your mobile number in a will.
We recommend that you seek help from a professional estate planner to run through a list of your assets so that you have a clearer idea about what assets are to be included in your will.
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 and business development assistant general manager Sam Chan ([email protected]).