DO YOU REALLY NEED A WILL BEFORE YOUR DEATH?

Will is normally an avoid to talk topic amongst your parents as they deem this piece of paper as curse to their life. They call it as bad "FENGSHUI". However, have you ever thought of imagining the scene after your passing? Most of us focus on growing our wealth and savings but often ignoring one important and must go through facts—deciding what happens to your assets after your coffin cover is closed! In Malaysia, having a valid will is like having a MLTA where your wishes are assured to realise. If you are leaving the world without a will, your estate will be distributed according to the law, which may not reflect your wishes. Get one for yourself after you done reading this!

Why a Will is needed?

A will is a legal document that will clearly list down all your assets (known as the estate) and its manners of them are to be distributed after your death. It also allows you to appoint an executor, who is responsible for administering your estate and ensuring your wishes are carried out as per the contents of your will. You can list and manage your will by distributing estate to the ones you loved the most and avoiding giving to the ones you hated the most. In other word, will can avoid your "enemy" gets a chunk of meat out of your estate.  

It is Important?

Do not ever assume that your estate will automatically go to your spouse or children after your death. If you are leaving without a will, your estate will be distributed under the Distribution Act 1958 (for non-Muslims), which follows a fixed formula as laid down within the ambits of laws. 

Having a will allows you to:
    •    Decide exactly who may and manner of he/she inherits your assets
    •    Appoint guardians for your children who are below age of 18 years old
    •    Avoid family disputes from third party other than beneficiary stated in your will
    •    Speed up the estate administration process as court is clear about your intention
    •    Minimise legal complications

What Happens If You Die Without a Will?

Dying without a will is known as intestacy. In such cases:
    •    Your assets are distributed according to statutory rules
    •    You cannot choose your beneficiaries to inherit
    •    The process of obtaining Letters of Administration may take longer with higher costs
    •    Family members may face delays and disputes
    •    Property under bank loan may be auctioned off due to default of payments

How to create a Valid Will in Malaysia

To ensure your will is legally valid, it must meet certain requirements:
    1.    Testator
The person making the will must be at least 18 years old and of sound mind.
    2.    In Writing
The will must be in written form.
    3.    Signature
The testator must sign the will.
    4.    Witnesses
At least two witnesses must be present and sign the will.
    5.    Voluntary Intention
The will must be made voluntarily, without coercion or undue influence and/or unconscious condition.


What Can Be Included in a Will?

A will can cover a wide range of matters, including:
    •    Distribution of property, money, and investments
    •    Appointment of executor(s)
    •    Appointment of guardian(s) for minor children
    •    Funeral wishes (optional)
    •    Settkement of particular debt (optional)
    •    Manner of distribution via trust  (optional)
    •    Donation clause, if any

Who Can Be an Executor?

An executor is the person responsible for carrying out your will including initaite court applicationh. This can be:
    •    A trusted family member
    •    A friend
    •    A lawyer or professional
    •    Trust company

It is advisable to choose someone reliable and capable, as they will handle legal and financial matters efficiently without unneccesary delay. 

Can a Will Be Changed?

Yes, a will can be updated at any time while you are alive, as long as you are of sound mind. Changes are usually made through: 
    •    A new will (which revokes the previous one), or
    •    A codicil (a formal amendment to the will)

If following circumstances occur, it is advisable to redo your will:-
    •    Newborn or death of any beneficiary
    •    Marriage or Divorce
    •    Executor is oversea or pass away
    •    Substantial changes in your estate

Special Note Common Misconceptions About Wills
    •    “I’m too young to have a will”
    •    “I don’t have enough assets to do a will”
    •    “My family will sort it out after my death”
    •    “I’m still buying more, I will do it later"
    •    “It is waste of monies as I am no one to give"
    •    “I have told someone how to distribute it (verbally)"

In fact, we will advise anyone with assets (may it be more or less) or dependents (may it be legitimate or illegitimate child) should consider having a will so your life effort are not wasted.

Conclusion

A will is not just to record how much you have earned, but is it meant to provides cash flow and assurance to your loves one after your passing as they at least can handle your estate with peaceful mind and your children are well taken care of. By having a proper will, your family is spared from unnecessary stress and complications as they know what is your intentional plans for them to execute immediately. 

Have a will yet? If not, please contact us for more.