Ensuring that your wishes are followed and your loved ones are protected requires estate planning, which is more than just a task to cross off a list. In an earlier article, we discussed some of the most important elements of estate planning and dispelled a few widespread misconceptions. However, it’s important to remember that many myths about this subject can still prevent you from planning effectively. To provide you with a more thorough understanding of how to avoid potential pitfalls and ensure your estate is managed according to your wishes, we’ll delve deeper into some lesser-known myths surrounding estate planning in this article.
Myth 6: Will is the only estate planning tool
Misconception:
Many people mistakenly view a Will as the only tool needed for effective estate planning.
Truth:
There are many other tools that can be used as part of a comprehensive estate planning strategy, including:
- Living Trusts
- Testamentary Trusts
- Gifts made to intended beneficiaries during a person’s lifetime
- Power of Attorney
- Buy-Sell Agreements
- Life Insurance Policies
- EPF
Myth 7: Estate Planning is Only About Asset Distribution
Misconception:
Estate planning is solely focused on distributing assets after death.
Truth:
Estate planning encompasses more than just asset distribution. It includes, but is not limited, to the following:
- Incapacity Planning: Estate planning involves preparing for scenarios where you might become incapacitated and unable to manage your affairs. For instance, you may want to create a personal care trust to cover medical expenses, hire caregivers, or pay for assisted living facilities.
- Ensuring Family Harmony: It is essential to communicate with your appointed executors and your child’s guardian. Executors are responsible for managing and distributing your estate according to your wishes. By communicating with them, you ensure they understand their responsibilities, including managing assets, paying debts, and handling legal and administrative tasks. Clear communication helps the executor prepare for and manage tasks such as locating assets, settling debts, and distributing property effectively.
- Clarifies Expectations: Appointing a guardian for your child is a significant decision. By informing the appointed guardian of your choice, you ensure they understand their role and responsibilities, including day-to-day care, educational decisions, and long-term planning for your child’s future. It’s vital that guardians are aware of your child’s needs, preferences, and any special considerations to provide the best care and support in line with your values and expectations.
Myth 8: Wills Can Be Recorded on Videotape
Misconception:
There’s a common misconception that wills can be recorded on videotape, especially given that some countries allowed this practice due to COVID-19.
Truth:
This is not the case in Malaysia. Malaysian law requires that wills be made in writing and properly executed pursuant to Section 5 of the Wills Act 1958. Videotaped wills are not recognized as valid under Malaysian law.
Myth 9: My house is still under mortgage. Can I bequeath this house to my Wife?
Misconception:
There is a misunderstanding that property encumbered by a loan cannot be bequeathed.
Truth:
In reality, you can include such property in your will and bequeath it to your wife. However, it’s important to note that the outstanding loan must be addressed by the estate. The executor will need to settle the loan from the estate’s assets before the property can be transferred to the beneficiaries.
Myth 10: I am a Malaysian citizen currently residing and working full-time in Singapore. During the Christmas holiday, I returned to Malaysia and executed my Last Will and Testament. If I were to pass away in Singapore, would my Last Will and Testament still be valid in Malaysia?
Misconception:
Many people mistakenly believe that it would not be valid in Malaysia.
Truth:
A Last Will and Testament made by a Malaysian citizen within Malaysia will be considered valid for probate in Malaysia for both movable and immovable property located in Malaysia, regardless of the person’s domicile at the time of its execution or at the time of their death, as long as it complies with the requirements set out in the Wills Act 1959.
关于遗嘱的常见误解 （第二章）
遗产规划是确保您的愿望得到遵循并保护您所爱之人的重要步骤。在之前的文章中，我们讨论了一些遗产规划中最重要的要素，并澄清了一些广泛存在的误解。为了让您更全面地了解如何避免潜在的误解，并确保您的遗产是按照您的意愿进行分配，我们将在本文中深入探讨一些关于遗产规划鲜为人知的误区。
迷思6：遗嘱是遗产规划的唯一的方案。
误解：
很多人误认为遗嘱是遗产规划唯一的方案。
真相：
实际上，还有许多其他方案可以作为全面遗产规划的一部分，包括：
- 生前信托
- 遗嘱信托
- 在个人生前赠与受益人
- 授权书
- 买卖协议
- 人寿保险单
- 公积金
迷思7：遗产规划仅仅是资产分配。
误解：
遗产规划仅仅关注于去世后的资产分配。
真相：
遗产规划不仅涉及资产分配，还包括但不限于以下方面：
i . 失能应对规划: 为可能失去能力而无法处理事务的情况做好准备。例如，您可能需要建立一个个人护理信托来支付医疗费用、雇佣护理人员、承担辅助生活设施的费用等。
ii．确保家庭和谐：与指定的执行人和子女的监护人沟通至关重要。执行人负责按照您的意愿管理和分配遗产。通过有效沟通，您可以确保他们明确自己的职责，包括资产管理、债务偿还以及法律和行政事务的处理。清晰的沟通有助于执行人有效地准备和管理甚至是寻找资产、债务清偿和财产分配等任务。
iii．澄清期望：指定孩子的监护人是一个重要的决定。通过与监护人沟通您的选择，确保他们了解自己的角色和责任，包括日常照顾、教育决策以及长期规划。监护人需要了解孩子的需求、偏好及任何特殊考虑，这样他们才能提供符合您价值观和期望的最佳照顾。
迷思8：遗嘱可以通过录像方式录制。
误解：
有一种普遍误解认为，既然一些国家允许通过录像方式立遗嘱，那么在马来西亚也可以。
真相：
在马来西亚并非如此。根据1958年《遗嘱法》第5条，马来西亚法律要求遗嘱必须以书面形式制作并妥善执行，录像遗嘱不被承认有效。
迷思9：未还清房贷的房子不能在遗嘱中赠予他人。
误解：
有误解认为，抵押贷款的房子是无法纳入遗嘱的。
真相：
实际上，您仍然可以在遗嘱中将该房产赠予您的妻子。然而，必须注意的是，执行人需要从遗产的资产中偿还贷款，之后才能将房产转移给受益人。
迷思10：我是一名马来西亚公民，目前在新加坡全职工作。在圣诞假期期间，我返回马来西亚并执行了我的遗嘱。如果我在新加坡去世，我的遗嘱在马来西亚仍然有效吗？
误解：
很多人误认为在新加坡去世的马来西亚公民，其在马来西亚立的遗嘱不具有效力。
真相：
马来西亚公民在马来西亚所立的遗嘱，只要符合1959年《遗嘱法》的要求，无论其在立遗嘱时或去世时的居住地如何，该遗嘱在马来西亚都是有效的，并可申请遗嘱认证。
