Hong Leong Islamic Bank (HLISB) aims to deliver based on our reputation as a responsible and trusted financial partner who builds relationship and adds value that exceeds our customers' expectations. With that in mind, we aim to provide holistic wealth management services and have embarked on a strategic alliance with Amanah Raya Berhad (ARB), a market leader and premier trustee company with over 87 years of experience.
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1.
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What
is Will? |
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A Will is
a legal document, which is effective after the demise of the
Testator (a person who writes the Will) in respect of the
Testator's wishes for the distribution of his assets
to his heirs and/or beneficiaries. |
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2.
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Why we need
a Will and what is the benefit of having one? |
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A Will is
an important tool of estate planning for it can be used to
enable meeting one ¡s established goals or objectives
of wealth distribution. When a person dies without a Will,
the deceased estate will be distributed according to the Distribution
Act 1958 for the Non-Muslims; or the Faraid Law for Muslims.
By virtue of having a Will, generally the person would be
able to ensure that his/her assets will be distributed in
accordance to his/her wishes. A Will also helps in expediting
the legal process associated with estate distribution, and
there will be no need for appointment of an administrator
because the Executor has already been appointed. This reduced
the prolonged estate settlement process thus permitting the
economic benefits.
At the same time, a Will enables the person to appoint his/her
own Executor and Trustee to carry out his/her wishes and protect
his/her interest as well as appoint Guardians for his/her
minor beneficiaries. A Will also provide opportunity for the
Testator to meet any special needs of their loved ones such
as providing for heirs who lack the financial knowledge or
heirs with physical disability. A Will also enables a person
to bestow gifts to non-family members/non heirs (non-Quranic
heirs) as well as various charities and religious organizations
that the Testator chooses. |
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3.
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What
is the different between the Muslim Will and the Non-Muslim
Will? |
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The differences
between the Muslim Will and the Non-Muslim Will are:
No.
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Muslim
Will
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Non-Muslim
Will
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The assets
to be distributed are permissible as defined by the
Islamic Law
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Every asset
can be included in the Will
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| 2. |
No one can
make a bequest (write a Will for inheritance) to any
of his or her Quranic heirs as distribution of inheritance
to Quranic heirs, will fall under the Law of Faraid
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The Will can
be made to anyone whether kin or not to the person
who writes the Will
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The bequest
of a Will can only be made of up to 1/3 of the entire
property and the rest will be distributed to the Quranic
heirs under Fara’id Law. Consent is required
from Quranic heirs after the demise of the Testator,
if the bequest is made to the non-Quranic heirs more
than 1/3 of the entire estate or to the Quranic heirs
more than 2/3 of the entire estate
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The Will can
amount to 100% of the total assets
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4.
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What is the standard
procedure for writing a Will? |
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Hong Leong Islamic together
with its strategic alliance partner, Amanah Raya Berhad is
providing this service to its customers.
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i.
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Customers need
to fill up and submit the appropriate form and related
document and make the necessary fee payment via deduction
from customer's account with HLISB/HLBB |
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ii.
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Customer
will sign the Standard Will (provided by ARB) at HLISB/HLBB,
witness either by a witness provided by the customer,
or a witness from HLISB/HLBB |
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1. |
HLISB/HLBB
will forward the Will together with its supporting document
to ARB |
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2. |
ARB
will document the Will, witness the Will if there is
insufficient witness and register the Will |
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3. |
ARB
shall forward the Duplicate Copy of the Registered Will
to the customers and retain the Original Copy for safekeeping.
(The ARB will act as the Custodian and Executor of the
Will) |
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4. |
Customers
may change the Will at any time at NO extra cost |
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5.
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How many witnesses
do you require for a Will? |
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For a Muslim Will, you
will require 2 male witnesses. In the absence of 1 male witness,
it is to be replaced with 2 female witnesses. If there is no Muslim male witness at all, it also can be substituted with 4 Muslim females as the witnesses.
For a Non Muslim Will, 2 witnesses are required. |
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6.
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What is the role
of public trust companies for example Amanah Raya Berhad involving
in writing a Will? |
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Public trust companies
will act as Will writer, custodian and executor depending
on the services offered by the companies. Some companies will
cater only for Muslim Will, some for Non-Muslim Will and others
cater for both types of parties. |
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7.
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What are the normal
expenses or the fee for writing a Will? |
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The expenses or the
fees vary depending on the trust companies chosen by the customers. |
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8.
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Can we change the
content of Will in the future? |
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Yes, the customer can
rewrite his/her Will in the future but some of the Public
trust companies will charge extra fee for the service. |
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9.
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What about confidentiality
of the assets disclosed? Will any of the information be revealed
to say, IRD? |
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All information will
be kept confidential. Once the Will is written, and registered,
it will be kept by ARB and taken out only when the customer
request for changes or when the Will needs to be executed. |
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10.
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Why ARB and not other
Trustee? |
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ARB is 99.9% owned by
the Government. Federal Land Commission owns the other 0.01%.
Basically it is your company and mine. It has been in existence
since 1921. That is 87 years. |
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11.
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How would ARB know
when to execute the Will? |
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There is a tagging in
our system to identify the customer is a Will holder with
ARB. When the customer’s next of kin comes to the branch,
the branch will notify ARB and the execution of Will then can be made.
ARB has a system link with Jabatan Pendaftaran Negara, which
is updated every two months. ARB system will be triggered
if there is a NRIC match. |
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12.
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Will all my assets
be transferred to ARB for distribution? |
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All asset except those
with beneficiaries (for Non-Muslim Will). EPF and Insurance
will not be included. |
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