Dato IR Lo Khere Chiang on flexibility of Will writing

suppadmin | August 24, 2024

Batu Kitang State Assemblyman, Dato IR Lo Khere Chiang asked Amanah Raya Berhad to reveal their costs and scale of charges for the execution of WILL.

He said Amanah Raya Berhad has just announced the promotion of a mobile application (apps ) for people to approach them to make their WILLs.

Public, he added has queries on the matter example as to whether the making of the WILL by Amanah is free of charge? Public also question on the costs of the transfers of the properties when the will maker passed away.

“In the circumstances , I wish to enquire on behalf of the public on the actual chargeable costs or the scale of the charges used by Amanah Raya Berhad for the execution of the WILL and the transfers of the properties in the WILL when the will – maker passed away. I believed that this information is pertinent and useful for the beneficiaries of the WILL as the beneficiaries are to foot the costs of execution of the estate and some may not be able to afford it, ” he said.

There are cases where Amanah Raya Berhad has put itself as the executor of the WILL which means that Amanah Raya Berhad will execute the WILL for the family and do all the transfers of the properties to the beneficiaries.

Therefore it is important that the Will – maker and the beneficiaries be made aware of the estimated costs of execution of the WILL.

Lo said he was also given to understand by his lawyer friends that a will maker can choose their family members to be the executor of their WILL but there here was an incident last year when he was approached by a constituent who wanted to look for a lawyer to execute his WILL done by her father at Amanah Raya Berhad.

However, they realised that Amanah Raya Berhad had appointed itself, as the executor of the father’s will and the beneficiary was told by the staff from Amanah Raya Berhad that she cannot choose her own lawyer to execute her WILL.

Despite her preference to engage her own legal representation for the execution of her father’s Will , AmanahRaya’s rigid policy left her with no choice but to proceed with their in-house services and she has to pay Amanah Raya Berhad for the services execution.

Lo pointed that this inflexibility raises serious concerns about the lack of options available to beneficiaries to execute the will of their love ones , especially when more cost effective or cheaper alternatives are available.

Being a peoples’ representative, he expressed concerned over people’s welfare. I believed that beneficiaries of a Will should be given the flexibility and convenience to execute the WILL of their loved ones without pressure while they are already dealing with the emotional strain of losing a loved one.

On behalf of the public he urged Amanah Raya Berhad to give the public choice to provide Will Maker with the option to select their own executor especially family members while they make a WILL with your company, justify Premium Fees: Clearly explain and justify the premium fees charged for estate administration, ensuring that beneficiaries understand what they are paying for and why, enhance Transparency: Improve communication with clients and beneficiaries, ensuring that all costs, obligations, and options are fully disclosed upfront and prioritize Beneficiaries’ Interests: Reaffirm their commitment to acting in the best interest of the beneficiaries, rather than focusing on revenue generation.

He urged AmanahRaya to take these concerns seriously as adequate information is necessary for any customers of whatever trade to make a wise and an informed decision.