Borneo Post with the expert help of Rockwills Trustee Bhd, the leading specialist in estate planning having pioneered wills and trust 25 years ago, is publishing a regular Q&A column on estate planning. It will feature questions which readers have in mind but don’t know who to ask:

Question 1: I have three daughters, my eldest daughter is now 22 years old while the rest are 16 and 14 years old. Should I only name her as the beneficiary in my will so that she could receive all my monies and use it on the other siblings while they are under 18?

Rockwills Answer: Naming your eldest daughter as the only beneficiary assuming she would use it on her younger siblings can cause disputes between the siblings. As your younger children grow up, they may accuse the eldest daughter of using their inheritance for her own purposes if their relationship is strained. Allowing your eldest daughter to have total control and ownership could also attract people with malicious intent. If she is not careful, your hard earned wealth could be easily cheated by others. If your eldest daughter pass away before your younger children turn 18, they will have difficulty getting access to the wealth which you left behind for them through your eldest daughter.

We suggest that you name all your children as beneficiaries in your will. You can create a trust in your will, known as testamentary trust, for your children who have yet to be 18 years old. The trustee should be a trust company to ensure accountability and to carry your instructions without any complications.

Do seek help for a professional estate planner to understand how to add on a testamentary trust instruction in your will.

Question 2: I am currently in Australia and was supposed to go back to Miri this year but was unable to do so due to the pandemic. Can I write my parents will here then sent it to my parents in Miri to sign it?

Rockwills Answer: The Wills Act 1959 does not specifically require a will to be drafted at a place or country. Hence, you can prepare the wills for your parents according to their wishes if you are able to.

However, if you are one of the beneficiaries in your parents’ will, we suggest that you should not be preparing the wills to avoid any conflict of interest or arouse any suspicion of undue influence or manipulation or duress. You should also consider whether your parents are signing their wills in accordance with the requirements of the Wills Act 1959.

Therefore, we suggest that your parents prepare their wills through a professional estate planner in Miri, who can guide them to sign their wills in accordance with the Wills Act 1959, irrespective whether you are a beneficiary or not.

This Q&A Column in published as a joint public service and educational initiative with Rockwills Trustee Bhd. Please email your questions related to Estate Planning to [email protected] or Rockwills’ training and business development assistant general manager Sam Chan ([email protected]).

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