A WILL that cannot be found is as good as there being no will at all.
A centralised registry has been formed for Malaysians to locate the will of a testator through an easier and swifter mode.
MWD Wills Depository Sdn Bhd introduced a solution that will enable beneficiaries to search for their will.
Willkey, Malaysia’s first will registry, serves as a central registry where testators can register information about whereabouts or deposit originals or copies of their wills.
It is a centre for effective will search and custodian services, with a robust and secure vault with a fire suppression facility in place that leverages on technology.
A will may be kept in different places at home, the office, banks, with lawyers and will writing service providers, but over time the testator may misplace it or there are incidents like fire or floods, thus compromising the safety and security of the will.
Locating a will may be difficult and disputes may arise over the distribution of assets of the deceased.
The Finance Ministry disclosed last year that assets amounting to RM5.7bil were left unclaimed.
The Natural Resources and Environment Ministry in 2016 said that estates of deceased persons worth RM60bil were left unclaimed.
Willkey consolidates information for testators, executors and beneficiaries to simplify and expedite the process of searching for and retrieving wills.
“We believe that Malaysians need easier and more efficient ways to get things done. Searching for a will to facilitate the rightful execution and distribution of wealth and assets is no exception,” said MWD Wills Depository Sdn Bhd director Su Tiang Joo.
“Having a will is important for anyone who has properties, insurance policies, bank accounts and other types of assets to determine who inherits them, but knowing where the person has stored the will is just as important.
This is especially important for families who experience sudden death, where they were financially dependent on the deceased and need a speedy resolution to move on with their lives,” said Su.
Many people do not disclose where they have kept their will, preferring to keep it at their homes or entrust this information with the solicitor due to the utmost privacy of the will.
This is where Willkey steps in as a centralised registry that allows predetermined persons such as executors, lawyers or next-of-kin to access information on that particular will.
This platform acts not only for the wills of deceased persons but also as an avenue for lawyers and will writing service providers to register their clients’ wills.
The centralised will registry also serves to complement the ecosystem of testator, executors and beneficiaries by working hand in hand with agencies who help clients write wills and manage the execution of their wills, trust and estate administration.
“We encourage all, be it testators or solicitors to register and store their wills with Willkey. This makes the search process for the will less tedious,” added Su.
As will-related services are a bit costly, Willkey aspires to cut down prices by providing services that are affordable without compromising its security and credibility.
The testator only needs to register once with Willkey with a one time fee of RM133.33.
The will storage subscription fees are available for as low as RM3.33 per month. The testator is allowed to change or terminate the will anytime.
To find out more about Willkey and for a comprehensive list of its services and subscription fees, visit http://www.mywillkey.com