WillKey, Malaysia’s first centralised Will registry, is now a financial solutions partner of SmartFinance.my – the Financial Planning Association of Malaysia (FPAM)’s public education platform.
WillKey and FPAM signed a Memorandum of Understanding (MoU) FPAM for a two-year collaboration at FPAM’s office in Phileo Damansara, Kuala Lumpur today. Sheila De Costa, Director of MWD Wills Depository Sdn Bhd and Linnet Lee, Chief Executive Officer of the Financial Planning Association of Malaysia represented the organisations respectively.
The SmartFinance platform is to encourage the public to seek assistance from licensed financial planners for personal financial management and planning.
Through the partnership, members of the public and financial planners will both benefit from the purchase of WillKey’s services via SmartFinance.my.
“In general, people engage the services of a financial planner to ensure financial security and also provide well for the needs of their loved ones after they have passed on. However,
while it is well known that having a Will made is key to ensuring a smooth transfer of assets to our heirs, few are aware of their options when it comes to the safekeeping of a Will.
Through this partnership with FPAM, we aim to create and improve awareness on how Will
registration, storage and search plays a role in the efficient management of assets. We look
forward to working with FPAM and its members to share knowledge on how easy location of
a Will when needed is very important to enable efficient administration of the deceased’s
estate and to avert disputes on the intentions of the deceased,” said Sheila De Costa,
Director of MWD Wills Depository Sdn Bhd.
According to WillKey, to date there are only two million Wills written so far and some RM5.7 billion were left unclaimed as at 2017.
Besides lack of awareness, WillKey cited procastination and mindset that it’s too early as reasons for the low number of Wills written in Malaysia.
Adding to WillKey’s points, Linnett said: “Most young people don’t realise the importance of writing a Will as they think they are still young but they forget about their parents. As long as you have asset be it a bank account, your vehicle or jewelries, you need to have a Will written.”
With the partnership, Licensed Financial Planners listed in SmartFinance, who refer their
clients requiring WillKey’s Will Registration services, enjoy a referral fee by activating their
accumulated points to access the programme.
Also, members of the public, who are registered users of the SmartFinance platform but not using the services of a Licensed Financial Planner can obtain a discount for WillKey’s Will Registration, Premium Storage (Lifetime) and Sealed Storage (Lifetime) services.
They can enjoy the discount by redeeming an e-voucher with 15 member points, which they can accumulate by participating in learning activities and using tools offered on the website.
“At FPAM, we believe that a good financial planner is always alert to new services on the
market that can improve the financial planning process, and in turn, share this information
with clients.
“Estate planning is one of the areas that financial planners need to look into, as such there is a need for them to advise their clients on the importance of writting Wills and storing them at the right place.
“We are cognisant that in a good asset management system, it is important to
not just have a Will, but to have a Will that is safely stored and easily accessible to approved persons when needed.
“We are pleased to collaborate with WillKey to create awareness on the role of Will registration, storage and search in the financial planning process and hope that members of the public and financial planners registered on SmartFinance.my will take the opportunity to become early adopters and enjoy the incentives offered,” said Linnet.
WillKey™ offers a centralised registry that serves as a platform for testators, lawyers and
Will writing service providers to register and or store their Wills or their clients’ Wills, to
make the search process for a Will more effective when the Will is needed. This enables
predetermined persons such as lawyers, executors or next-of-kin to access information on a particular Will or retrieve it conveniently and without hassle, so the wishes of the testator
can be carried out without delay.
For more detailed information on the new programme, please visit https://smartfinance.my
To find out more about WillKey and for a comprehensive list of its services and subscription
fees, please visit http://www.mywillkey.com.
