Sunday, April 13, 2008

Law of Succession - Lesson 1

Introduction

1. Important of law of succession
  • Related to the right of property as stated in Article 13 of the Federal Constitution
  • Related to the freedom that has been given to us, that is to collect wealth which later can be distributed upon death

2. Why Will is needed?
  • To arrange the distribution of wealth in accordance to the wishes of the testator
  • To obtain the Letter of Administration (refer to previous post: Law of Succession - Preface or click HERE) will take a long time
  • Problem in determining the administrator (also refer to previous post) - Problem selecting the administrator and problem in renouncing your right to the chosen administrator

3. What is Will
  • A will is not a contract as there is no consideration that form it
  • Legal document that made effective upon the death of the testator
  • Legal declaration of the intention of a person making the will (testator) with respect to his properties, which he desires to be carried out after his death
  • It will not interfere with the testator power to dispose his asset during his life as it is only a declaration

4. Characteristic of a Will

a) Valid will/Formality - Section 5 of the Wills Act 1959
  • In writing, any language as long as its understandable, will not be produced in other form than writing form, not required any stamping and registration
  • Testator must sign at the end of the document by mean of signature or thumbprint
  • At least 2 witnesses presence at the time of the signing - although the law allow for the witness to be handle individually
  • Testator qualification includes that he has reached the Age of Majority which is 18 Years old and above, a person of sound mind, and also free form undue influence and fraud
  • Witness qualification includes that he sign the will at the presence of the testator (attestation), independent meaning that he is not the beneficiary to the will, ensure that the testator knows and understand what is happening in the will (shows the quality of witness - sound mind and free from undue influence and fraud) and lastly, above the Age of Majority

b) There must be an assets or properties
  • Assets can be classified as either movable or immovable assets
  • Properties or assets that cannot be dealt in a will includes insurance policies and EPF as the beneficiary has already been mention in latter of application, joint ownership as mandate gives the right to survivalship means that the right will be given to the other party of the joint ownership upon death, native or religious property such as weapon, swords etc that has been in the family or tribe for a long time, hence, it become the property of the tribe or family and not individually, and lastly hire purchase agreement as the property belongs to the finance institution so long that the payment has not been completed

c) Parties to the will
  • Executor - person carried out the will
  • Beneficiary - person name in the will has being some entitlement to the access of the estate
  • Testator - a person who made will during his lifetime.


Well folks, this is all for this post. Continue in the next lesson

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