It is normal for Malaysians to have assets outside of Malaysia itself. Some people have multiple assets in multiple countries across the globe and it’s a normal thing. People from anywhere in the world can have multiple assets in multiple countries at a time as long as they acquire it legally.
For any Malaysians, if you have multiple assets in multiple countries, you may want to consider including it in your wills soon. You will never know what is going to happen to you before those assets go into your will. Your next-of-kin will have a difficult time in trying to get it back. Even if it is not a difficult process for them, it will be a very long one as it can involve many cross border regulations.
We have previously emphasized from time and time again that having a will is important. It is a legal document where you list all your assets and properties. When you have passed away, your listed assets and properties will be distributed to your beneficiaries named in the will.
Most times people will think about listing their Malaysian assets and properties. It’s a very straightforward thing. What if you have assets in another country and not in Malaysia? Are you still able to list it in your wills? Let’s find out in this article today.
Having assets outside of Malaysia
You may have assets outside of Malaysia as a Malaysian. If you have assets outside of Malaysia, you may include them in your Malaysian will as well. However, for the best efforts and results, it is best to have a separate will for your foreign assets.
For example, if you have assets in The UK, then it is best that you have the UK will for your UK properties and assets. It’s the same thing if you have any other assets and properties in other countries too. As soon as you have those foreign wills legalized and validated by their countries’ lawyers, bring them back to your Malaysian lawyer for their next action. As long as the will is valid and legal, then it will be accepted in Malaysia too. Note that circumstances may differ from case to case.
At the same time, we should also mention that the specifics of having a legal and valid will may differ from country to country. After all, not all countries’ wills are accepted everywhere else. Do check with your own Malaysian lawyers and the lawyers from each specific countries too.
Timeframe and foreign assets in your wills
When it comes to claiming foreign assets and probates, the turnaround time will certainly take longer than your average probate with Malaysian properties and assets. Considering how there are cross-border laws and country-specific laws you will need to adhere to, then yes the turnaround time to obtain the foreign assets as beneficiaries will definitely take a much longer time than average. If you are a beneficiary of a deceased’s will where there are foreign assets and properties included, you will need to be very patient in these kinds of settings.
However, it is not to say that it will not be smooth sailing or a bumpy road. There will be ups and downs but you will quite likely get your foreign assets in the end if the wills are legal and valid.
We should also mention here that if the deceased has any outstanding debts in these countries. If they do, then the country’s executors will need to investigate to find out. These debts will need to be cleared and settled before the assets and properties are released to the beneficiaries. Again the timeframe may differ and may take longer than usual too.
Having said all of that, it’s safe to say that it is ideal to have a foreign will for your foreign assets. You will never know when and what problems you will run into when you do not have a valid and legal foreign will in place. Note that it’s best that the will is written in English where everyone understands the language. When you have that will in hand, do bring it back to your Malaysian lawyers for further action.
Bottom Line
Having assets outside of Malaysia is not an issue. Many people have assets outside of their own nationality countries. However, just make sure that you have a valid will in place when you come back to Malaysia for all these foreign assets. If you need any help with wills and assets, feel free to reach out to us today for further assistance.
