KUALA LUMPUR: My Legacy Will Services Sdn Bhd, in partnership with Perpetual Trustees Bhd, has launched My Waris Estate Administration Plan (EAP) to pave a smooth administration of wills and inheritance processes.
My Waris EAP is a comprehensive service that takes clients from will writing right to the final execution and distribution of wealth and estate.
It runs on a membership and subscription model, with a trust company with Perpetual Trustees being appointed as executor and trustee.
My Legacy Will Services chief executive officer Andric Lin said that when customers sign up as a My Waris EAP member, the company will first help them write their will.
"Perpetual Trustees will be the custodian of your will.
"Upon demise, Perpetual Trustees will carry out all administrative work from handling court proceedings for your beneficiaries to executing and ensuring your estate is distributed to your beneficiaries as per your will," said Lin.
Lin said many people do not realize the magnitude of costs incurred during the execution of a will.
"There are legal fees, stamp duties, court fees, probate costs, which can collectively average out up to about three to four per cent of the total asset value.
"These monies have to be settled before the assets can be transferred," he said.
Meanwhile, Lin said various administrative steps, red tape, and legalities to run through could be very stressful and time-consuming for the grieving family.
On top of that, he said the company would also lock in the execution costs at current published rates.
"With the administrative and legal fees constantly on the rise, this offers great savings to the bereaved family," he said.
Perpetual Trustees chief executive officer Sheela Vasuthevan said My Waris EAP would create more awareness of the necessity of having not only a will but a funded will.
Sheela estimated that some 90 per cent of eligible Malaysians have not looked into proper estate planning either due to ignorance or procrastination.
"My Waris EAP provides an easy to access one-stop service which will take care of these needs, and I hope that the message and the service reach more people," she said.
My Legacy has three flexible plans to choose from, based on the amount of assets one has.
Clients are assured that unused monies will be refunded regardless of the plan selected.
Sheela said appointing the right person to administer the estate is an extremely important consideration, and so are the expenses incurred.
"Both these matters are unfortunately often overlooked in estate planning," she added.
My Legacy invites those interested in EAP offerings to get in touch for more information. The company is also looking for agents who would like to come on board.