Conventional Will: Asset & Distribution

Drafting the asset clauses. Learn how to record the estate inventory (assets and debts), allocate specific gifts to designated beneficiaries, and structure the residuary estate distribution.

By Melvin Lim and 1 other

• 10 articles

Adding Additional Instructions to a Will

Adding Additional Instructions to a Will Additional instructions allow you to include specific directions or personal messages in your will. These instructions become legally binding and appear in the appendix of your will document. How To Add Additional Instructions: 1. Navigate to the "Additional Instructions" section 2. Click on "add additional instruction" 3. Enter your specific instructions (personal messages or executor directions) 4. Consider using AI assistants to help draft instruction text if needed 5. Provide detailed guidance for handling specific assets 6. Save your instructions 7. The instructions will appear in the will's appendix https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/26_Additional_Instructions.mp4 FAQ - Additional Instructions in a Will Are additional instructions legally binding? Yes, instructions added to the will are legally binding. What kind of instructions can I add? You can add personal messages to loved ones or specific directions for your executor regarding the distribution or handling of assets. Can I get help drafting the additional instructions? Yes, you can use AI tools to assist in drafting the text for your additional instructions. Where do the additional instructions appear in the will document? The additional instructions will appear in the appendix to the will.

Last updated on Nov 28, 2025

Adding a Pledge to Charity

Adding a Pledge to Charity How To Add a Pledge to Charity To add a pledge to a charity in the Legacy Planner system: 1. Navigate to the "Add Pledge to Charity" section 2. Specify the amount you wish to pledge 3. Choose the charity or cause you want to support 4. Select from predefined categories if available (children, health, animal welfare, etc.) 5. Save the details of your charitable pledge The executor will handle the payment to the charity after settling debts and distributing specific gifts, provided there are sufficient remaining assets. https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/25_Add_Pledge_to_Charity.mp4 FAQ - Add a Pledge to Charity - How does a charitable pledge work through the will? The will can include a provision for a specific amount of money or a portion of the estate to be donated to a chosen charity. The executor will then be responsible for fulfilling this pledge after the testator's passing, provided there are sufficient funds after settling debts and specific gifts. - What happens if there isn't enough money in the estate to fulfill the pledge? If the estate's assets are insufficient to cover all debts, specific gifts, and the charitable pledge, the pledge may not be fully honored or may not be possible at all. Debts are typically prioritized. - Can I specify a particular cause or type of charity? Yes, you can often specify the exact charity you wish to support or choose from broader categories like children's charities or animal welfare organizations.

Last updated on Nov 28, 2025

Managing the Residuary Estate

What is the Residuary Section? The Residuary Section acts as a "safety net" for the Will. It covers any assets not specifically listed, such as: - New properties or savings acquired after the Will is signed. - Belongings the Testator forgot to list. - Specific gifts that failed (e.g., the beneficiary passed away before the Testator). Is it Mandatory? We highly recommend filling this section even if the client believes they have no leftover assets. This ensures that all unlisted or future assets are distributed to chosen beneficiaries rather than falling under Intestacy Laws (Distribution Act), which causes legal delays. Who receives the residuary estate? You can designate one or more beneficiaries to receive the residuary estate. You can also set up contingency plans for who should receive it if your primary beneficiaries are unable to. Do I need to list every single item in the residuary estate? No, the residuary clause acts as a catch-all for any assets not specifically gifted. You simply need to specify who should receive whatever is left after all specific gifts and debts are handled. How To Manage the Residuary Estate To manage the residuary estate in the Legacy Planner system: 1. Navigate to the "Residuary Estate" section 2. Designate primary beneficiaries to receive the entire residuary estate or portions of it 3. Specify contingent beneficiaries who will inherit if primary beneficiaries are unable to 4. Define different scenarios for residuary distribution if needed 5. Save your instructions for the distribution The residuary estate includes any remaining or future assets not specifically gifted to beneficiaries. https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/24_Residuary_Estate.mp4

Last updated on Nov 28, 2025

Specifying Specific Gifts

How To Specify Specific Gifts To specify specific gifts for beneficiaries in the Legacy Planner system: 1. Navigate to the "Specific Gifts" section 2. Click on "add in give" 3. Choose the asset category (account, property, vehicle, other valuable assets) 4. Select the specific asset from your previously entered list 5. Specify the beneficiary who will receive this gift 6. Indicate any specific details or conditions related to the gift 7. Click "save" to record the specific gift Important: Do not use the remark inbox in the asset section for distribution instructions. Assets not specified as specific gifts will fall under the residual estate. https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/23_Specific_Gifts.mp4 FAQ - Specific Gifts - What are specific gifts? Specific gifts are particular assets that you want to give to specific beneficiaries. - What happens to assets that are not listed as specific gifts? Any assets that are not designated as specific gifts will be included in the residual estate. - Can I provide instructions on how to distribute an asset in the remark box? No, the remark box in the asset section is not for providing distribution instructions. You must use the "Specific Gifts" section to allocate assets to beneficiaries.

Last updated on Nov 28, 2025

Adding Debt Information

Adding Debt Information How To Add Debt Information To add debt information for your client in the Legacy Planner system: 1. Go to the "Debt Information" section 2. Specify the institution or individual to whom the debt is owed 3. Enter a description of the debt if necessary 4. Input the estimated amount of the debt 5. Click "save" to record the debt information 6. Once you have entered both assets and liabilities, proceed to the "execution and distribution" section https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/20_Debt_Information.mp4 FAQ - Debt Information - What kind of debt should I include? You should include all significant debts your client has, such as bank loans and debts owed to individuals. - Where do I go after adding debt information? After entering your client's assets and liabilities, the next step is typically to move on to the "execution and distribution" section to appoint executors and specify how assets should be distributed.

Last updated on Nov 28, 2025

Adding Other Valuable Assets

How To Add Other Valuable Assets To add other valuable assets for your client in the Legacy Planner system: 1. Navigate to the "Other Valuable Assets" section 2. Choose a relevant category (personal belongings, paintings, glassware, antiques, etc.) 3. Enter a description of the valuable asset (e.g., "Luno" for cryptocurrency) 4. For items like jewelry: - Enter each item individually if they go to different beneficiaries - Enter as one item if all pieces go to a single beneficiary 5. Click "save" to record the valuable asset https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/18_Other_Valuable_Assets.mp4 FAQ - Other Valuable Assets - What kind of assets can I add under "Other Valuable Assets"? This section is for assets that don't fall under standard categories like accounts, properties, or vehicles. Examples include personal belongings, collectibles (like paintings and antiques), and even digital assets like cryptocurrency. - How do I list multiple pieces of jewelry going to different people? You need to enter each piece of jewelry as a separate item and specify the intended beneficiary for each.

Last updated on Nov 28, 2025

Adding Property Assets

How To Add Property Assets To add property assets for your client in the Legacy Planner system: 1. Go to the "Properties Assets" section 2. Click on "add property" 3. Select the property type (residential, commercial, or land) 4. Enter a property description (e.g., bungalow) 5. Specify the ownership type (joint asset with spouse, co-ownership, etc.) 6. Enter the testator's ownership percentage (joint ownership with a spouse is typically 50/50) 7. Indicate whether the property has insurance (MRTT or MRTA) 8. Upload the title deed or other relevant documents 9. Specify the location of these documents (e.g., safe box at testator's house) 10. Click "save" to record the property asset https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/16_Properties_Assets.mp4 FAQ - Property Assets - What types of properties can I add? You can add various types of properties, including residential, commercial, and land. - How do I indicate joint ownership? You can specify the type of ownership as "joint asset" or "co-ownership" and then indicate the testator's ownership percentage. For joint ownership with a wife, it's typically 50/50. - Do I need to upload property documents? Yes, it is recommended to upload the title deed or other relevant documents for easy reference. You should also note the location of the physical documents.

Last updated on Nov 28, 2025

Adding Account Assets

How To Add Account Assets To add account assets for your client in the Legacy Planner system: 1. Navigate to the "Account Assets" section 2. Enter the account number (mandatory) 3. Specify the institution (e.g., KWST for a regular saving fund) 4. Enter the estimated value of the account 5. Click "save" to record the account asset Important: The account number is crucial for the executor to identify the specific bank account intended for the beneficiary, especially if multiple accounts exist. https://d3o3wxyf7wz5e3.cloudfront.net/koha-training-ge/15_Account_Assets.mp4 FAQ - Account Assets - Is it necessary to enter the account number? Yes, it is mandatory to key in the account number. This helps the executor correctly identify the intended account for the beneficiary. - What if my client has multiple bank accounts? Entering the specific account number for each asset ensures clarity for the executor regarding which account should be distributed to which beneficiary.

Last updated on Nov 28, 2025

Recording Special Assets (Cryptocurrency, Digital Assets, Foreign & Bank Accounts)

Cryptocurrency & Digital Assets - Recognized Platforms: Assets on local platforms recognized by the Securities Commission (e.g., LUNO) are easier to process. Clearly state the platform name. - Foreign Platforms: Overseas platforms lack local protection. To legally transfer crypto to heirs, it often must be routed through a local platform with applicable taxes paid. - Cold Wallets: You may specify the physical location of a cold wallet (e.g., Ledger) in the Will. - Important: The password/private key must be communicated personally by the client to the beneficiary. Do not write passwords in the Will document for security reasons. Foreign Assets A client can write a Will in Malaysia for worldwide assets. However, to execute the estate overseas effectively, strictly advise the client to have a separate Will written in that specific country according to its local laws. Bank Accounts Avoid vague terms like "All Bank Savings Accounts." Banks have various account types (Investment, Current, Fixed Deposit). Vague wording may cause assets to be overlooked. List distinct accounts where possible or rely on a strong Residuary Clause.

Last updated on Nov 28, 2025

Managing Multiple & Joint Bank Accounts

**Should I list every bank account separately? ** Yes. It is highly advisable to list each account number individually and specify the beneficiaries for each. - Why? This ensures clarity for the Executor. - Closed Accounts: If a Fixed Deposit (FD) or savings account listed in the Will no longer exists at the time of death, it will simply be ignored (adhered/abated) and will not invalidate the Will. - New Accounts: If the client opens new accounts after writing the Will and forgets to update it, these will automatically fall under the Residuary Estate clause. Joint Accounts with Minors - Can a client will their share to the joint holder? Yes. A client can will their share of a joint account to the other holder, even if that holder is a minor (child). - How does it work? The Executor will hold the minor's share on trust until the child reaches the age of majority (18 years old). The Executor manages the funds during this period.

Last updated on Nov 28, 2025