A Will is an essential part of planning for the future.
A Will is a document that designates how you wish your property will be distributed among your family relatives, friends or charities upon your demise.
Your Will is also the document where you will identify people for important roles such as guardian, executor, trustees and etc.
A Will may contain a Trust especially if you have minor children.
The main difference between a Will and a Trust is that the Trust can take effect while you are living and no application to court is needed to give effect to it while you are alive or deceased.
Whereas a Will only takes effect upon your death and an application to court for Probate is necessary.
No, A Will cannot over the nomination made in the Insurance Policy or EPF.
A Living Will is a legal document that a person uses to make known his/her wishes regarding life prolonging medical treatments and it is illegal in Malaysia. A Living Trust created during your lifetime takes effect during your lifetime, upon death or when any eventuality arises.