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ChatGPT AI answered why the WILL is important as below;
A will is a legal document that outlines how a person’s assets and property should be distributed after their death. Writing a will is important for several reasons, including:
Ensuring that your wishes are carried out: A will allows you to specify how your assets should be distributed and who should receive them. Without a will, your assets will be distributed according to the laws of your state, which may not align with your wishes.
Appointing an executor: A will allows you to appoint an executor, who will be responsible for managing your estate and ensuring that your wishes are carried out.
Protecting your children: If you have minor children, a will allows you to name a guardian who will take care of them if you pass away.
Reducing conflict: A clear and well-written will can help reduce the potential for disputes among family members and other beneficiaries.
Overall, a will is an important tool for ensuring that your wishes are carried out and that your loved ones are taken care of after you pass away
If you pass away without a legal WILL. Intestate succession takes time and is costly.
In Malaysia, if you are a non-Muslim and pass away without leaving a will, The Distribution Act 1958 will determine who gets what. Who receives what is outside your power or influence.
Depending on who you leave behind, your property will be divided under the Distribution Act among your family members using a predetermined formula.
If you pass away with a spouse, issue (also known as descendants), and parents, the issue will receive half of your inheritance, with the remaining half being divided evenly between your spouse and parents.
If you pass away without parents, but with a spouse and issue, your spouse will receive one-third of your inheritance and your issue two-thirds.
If you leave no issue, but a spouse and parents, your inheritance will be divided half-half.
If you leave no spouse, but parents and issue, your issue will receive two-thirds and your parents one-third.
If you leave only a spouse, or only issue, or only parents, they will receive the whole inheritance.
If you pass away without a spouse, parents, or issue, your inheritance will go to siblings, grandparents, or uncles and aunts in equal shares. If you leave no one behind, your entire inheritance will go to the government.
Writing a WILL is essential in Malaysia if you want your final desires for your family and property to be carried through.
Note: definition of “issue”, a person’s children or other lineal descendants such as grandchildren and great-grandchildren. It does not mean all heirs, but only the direct bloodline.
Disclaimer: This guide only applies to non-Muslims, inheritance for Muslims is governed under Shariah law.
The overnight policy rate (OPR) will remain at 2.75%, the decision of Bank Negara Malaysia (BNM) on 19 Jan 2023, allowing it to assess the effects of the cumulative past OPR modifications. In order to balance the risks to domestic inflation and sustainable growth, the Monetary Policy Committee (MPC) will continue to adjust the monetary policy settings.
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