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Wednesday, 28 November 2018

WillKey™, Malaysia’s First Will Registry, Centralises Will Search and Storage to Provide Peace of Mind


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. 
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
Marina Suwendy, General Manager – marina@mywillkey.com | 012-329 8099.

3 comments:

  1. will ni sebenarnya penting kan utk pengurusan harta selepas kematian

    ReplyDelete
  2. Willkey is a right choice for registry, storage and search of the Wills

    ReplyDelete