When There's a WILL...

We all know we should do it but more than 80% of Malaysians over the age of 18 have not written a will. What is more shocking is that more than 80% of parents with children below the age of 18 do not have a will. This means that should anything happen to one or both parents, thier children are not provided for financially. And there is no legal guardian for the children.

COMMON EXCUSES GIVEN FOR NOT WRITING A WILL:

• I'm still young, I'll write it when I'm older.


• My spouse will know what to do.


• I don't have anything of value to leave to my family or I'm not rich so I don't need a will.


• I don't know what to do or who to ask.


• If I write my will, then I'll die faster.


• I don't have time to do one now, maybe later.


• Wills are only for the erderly, the sick or the dying.

WHY DO YOU NEED TO WRITE A WILL?

• To control your property and family after you die.


• Allows you to designate the guardian of your child(ren) after your death.


• Appoint the appropriate person to administer your estate to your beneficiaries.


• If you without a will, it takes long time to sort out your estate and this delay may cause financial hardship on your family members.


• Avoid legal tussles on who has claim on your property and your children.


• Do not assume that if you die without a will, your assets will automatically go to your spouse and children. Your parents and siblings may have a claim too.

WHEN YOU DECIDE TO WRITE A WILL, YOU WILL NEED TO:

• Make a list of all the people you would like to name as beneficiaries.


• Make a list of all your assets - property, bank account, business assets, shares in public listed companies, foreign assets, insurance policies, etc.


• If you have made an earlier will, then you will have to revoke any previous wills.


• Provide directions on your wishes for your funeral - it is not incommon for family members to argue over which religious ceremony should be followed where the members are of different religious denominations.


• Decide whoshould be your executors (If this is an individual, there should be more than one, in the event that he or she dies before you), trustees and witnesses.


• Decide on who you and your spouse would like to appoint as your children's legal guardian and ask them to agree to this appoinment. It is an idea to have alternatives, in the event that the first choice is no longer available to carry out the appoinment.

DID YOU KNOW?

• Marriage revokes a will that was excuted prior marriage.


• Conversion to ISLAM revokes a will, the estate is then governed by Syariah Law.


• If you die with no relatives and no will, your estate goes to the Malaysian Government.