WillKey™, Malaysia’s First Will
Registry, Centralises Will Search and Storage to Provide Peace of Mind
KUALA LUMPUR, 2 AUGUST 2018 – When a
loved one passes away, a pertinent question is asked, “I know the
deceased has done a Will but where did he or she keep the Will?”
Many families often face the tedious task of locating a loved one’s
Will after his or her demise.
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| MWD Depository Sdn Bhd director Su Tiang Joo( right) and general manager Marina Suwendy at the launch of Willkey at Le Meridien Kuala Lumpur. |
It is an unfortunate but stark truth
that a Will that cannot be found is as good as there being no Will at
all.
A Will may be stored in different
places – at home, at the office, with lawyers, banks, or Will
writing service providers, for example. Over time, it may be that the
testator has misplaced the Will or kept it in a place that even the
testator has forgotten. Unexpected and rather unpleasant incidences
such as these, fires, accidents and floods have also compromised the
safety and security of the Will, much to the dismay of next-of-kin.
Locating a Will then becomes a long
drawn-out process that could extend anywhere from months to years.
Meanwhile, disputes may arise over the distribution of assets of the
deceased. There may be assets which only the deceased knew of but did
not disclose during his or her lifetime to a living family member,
that are mentioned in the Will. With undiscovered Wills, assets such
as these may be left unclaimed upon the death of the deceased.
The Ministry of Finance disclosed in
2017 that assets amounting to RM5.7 billion were left unclaimed.
Further to that, the Ministry of Natural Resources and Environment
previously disclosed in 2016 that estates of deceased persons worth
RM60 billion remain unclaimed.
These are worrying numbers that signify
just how much wealth the rightful beneficiaries could have inherited
from their ancestors and are entitled to, if only they had the
necessary documentation in order to make the claim – most
importantly, the testators’ Wills.
These concerns circle back to one point
– is there a centralised registry where Malaysians can find the
Will of a testator?
MWD Wills Depository Sdn Bhd today
announced a solution that enables Malaysians to search for a Will.
WillKey™, Malaysia’s first Will registry, serves as a central
registry where testators can register information about the
whereabouts, or deposit copies of their Wills. If they so wish, they
can also store them with MWD Wills Depository Sdn Bhd and have their
Wills located easily. With a purpose-built business model of
registration, storage and search of Wills only, WillKey™ serves as
a centre for effective Will search and custodian services. And, with
a robust and secure vault with a fire suppression facility in place
that leverages on technology, WillKey™ consolidates information for
testators, executors and beneficiaries to simplify and expedite the
process of searching for and retrieving Wills.
“We
believe that Malaysians are always looking for easier and more
efficient ways to get things done. Searching for a Will to facilitate
the rightful execution and distribution of wealth and assets is no
exception. Having a Will is important for anyone who has properties,
insurance policies, bank accounts and other types of assets to
determine who inherits them, but knowing where the person has stored
a Will is just as important. This is especially important for
families who experience sudden death, where they were financially
dependent on the deceased and need a speedy resolution to move on
with their lives,” said Mr Su Tiang Joo, Director of MWD Wills
Depository Sdn Bhd.
Matters regarding a Will are of utmost
privacy to the testator, who is the sole decider on who inherits his
or her wealth. Because of this nature, many people do not disclose
where they have kept their Will, preferring to entrust this
information with a solicitor, or if the Will is kept at home, in a
space known only to the testator. “This is where WillKey™ comes
in,” he added. “We have people who know that a Will exists, but
there is little information on where it is. WillKey™ serves as the
centralised registry that allows predetermined persons for e.g.
lawyers, executors or next-of-kin, on production of appropriate
documents, to access information on a particular Will, conveniently
and without hassle. We understand how private this is to the
testator, and we want to help testators with what is important to
them. WillKey™ wants to ensure that their Will is registered and
stored safely so that the testator’s wishes can be rightfully
executed.”
WillKey™ is not just for those who
are looking for a deceased’s Will, but also serves as a platform
for lawyers and Will writing service providers to register their
clients’ Wills. “We encourage all people, be it testators or
solicitors, to register and store their Wills with WillKey™. This
makes the search process for a Will less tedious,” added Mr Su.
While Will-related services tend to be
costly for a testator, WillKey™ intends to provide services that
are affordable without compromising its security and credibility. Its
subscription fees are tailored to minimise impact on a testator’s
financial expenditure. A testator only needs to register once with
WillKey™ with a one-time fee of RM133.33. Will storage subscription
fees are available for as low as RM3.33 per month. “Will-related
services tend to be the last thing on people’s minds as they are
not day-to-day expenditures that people think of. This is why
WillKey™’s fees were designed with affordability in mind. Think
of it as a small investment to ensure the security and safe retrieval
of your Will. We wanted our services not to be an added burden for
testators and their families who have already spent a fair bit on the
entire Will-writing process,” commented Mr Su.
The centralised Will registry also
serves to complement the ecosystem of testators, executors and
beneficiaries by working hand-in-hand with agencies who help clients
write Wills and manage the execution of their Wills, trusts and
estate administration. Mr Su explained, “By entering this
interconnected system, WillKey™ intends for all parties to benefit
from this relationship. The opportunities are open-ended for partners
who are on board with WillKey™ and they will be able to enjoy an
additional income stream from Will registration and storage.
Essentially, people want a trustworthy and credible service. Lawyers,
executors and Will writing service providers can then provide that
assurance to their clients that with WillKey™, the Wills registered
with them can be easily located and if stored with them, can be
easily retrieved. This is how WillKey™ contributes to the
relationship with its partners.”
“The
process of Will finding and execution itself can take a toll on
family members who lose a loved one. The process of moving on with
life, especially after a death in the family, should not be another
difficult experience. Ultimately, WillKey™ wants to give that peace
of mind from the very beginning, ensuring that Wills can be easily
located when the time comes and also offering the storage facility to
cater for people who wish to have their Will stored with us for added
safety,” said Mr Su.
To
find out more about WillKey™ and for a comprehensive list of its
services and subscription fees, please
visit http://www.mywillkey.com.
About MWD Wills Depository Sdn Bhd
MWD Wills Depository was established by
a team of active lawyers who saw a need for a centralised Will
registry in Malaysia. Established in 2017, MWD Wills Depository Sdn
Bhd owns WillKey™, Malaysia’s first centralised Will registry
that serves as a facility to register, store and search Wills.
Through WillKey™, MWD Wills Depository Sdn Bhd is dedicated to
effectively managing the Will custodianship process, and ensuring
beneficiaries gain access to a testators’ last Will and testament
as smoothly as possible.
For queries on WillKey™, please
contact:
MWD Wills Depository Sdn Bhd
