MANY Malaysians are under the impression that their families and loved ones will automatically inherit their assets when they pass away.
However, under Malaysia law, if a person dies without a valid will, his assets will be frozen.
The family members then have to go through a lengthy process to apply for a Letter of Administration to unlock the assets.
In the upcoming StarProperty.my Forum 2018 titled “Your Ultimate Guide to Real Estate Investment and Property Protection”, Rockwills Corporation Sdn Bhd senior estate planner Chong Mok Yong will discuss the importance and benefits of will writing in his talk “The Importance of Writing a Will”.
“We can draft a comprehensive will to preserve, protect, control and finally, distribute the assets. This is called estate planning,” said Chong.
Furthermore, a will helps to avoid disputes and reduces the hassle of distributing properties.
Chong will also speak on the rights and processes for inheritance and potential risks of intestacy. Intestacy is the condition of the estate of a person who dies without having made a valid will or other binding declaration.
“You need to be 18 years old to be at the legal age to write a will in Malaysia. As long as you have assets under your name, you should write a will to protect your properties and loved ones,” Chong added.
Another featured speaker at the forum is property investor and author Dr Renesial Leong with the topic “Why it is Time You Should Venture Into Real Estate”.
She will share tips on how to avoid common pitfalls and making long-term investments in the real estate market.
StarProperty.my Forum 2018 will be held on March 24 from 9am to noon at Level 2, Cybertorium, Menara Star in Petaling Jaya.
Visit bit.ly/spforum18 for more information or registration.