TIPS TO KICK START A WILL

Writing a Will can be very simple if you know how to start. 

First, KNOW WHAT YOU OWN ? 

List out what assets you own is important because no one will be more expert than you yourself know what are the assets you have in hand. 

Second, KNOW WHAT YOU OWE ? 

After listing out all the assets in hand, is time for you to sort out which assets are still in debts and which are not. 

Example: you own a property worth RM1,000,000 and have a loan of RM800,000. Dig out whether this property is covered under MRTA/MLTA insurance? Or else, you are leaving RM800,000 debts for your beneficiary. Always make sure debts are fully covered.

Third, LIST DOWN THE ASSETS YOU WANT TO DIRECT SPECIFICALLY TO SPECIFIC BENEFICIARY? 

This is to ensure the assets you want to give to this specific beneficiary is solely directed to him. 

Fourth, KNOW WHO DO YOU TRUST TO RUN THE SHOW? 

Writing a Will enables you to pen down all your wishes. But to ensure these wishes are carried out precisely as stated, it is vital that you appoint a reliable and trustworthy person. Most importantly is this person knows how to manage your estate professionally to prevent dispute and delays in job.

FIFTH, KNOW WHO DO YOU WANT TO APPOINT AS YOUR CHILD’S GUARDIAN?

Do you know that grandparents are not legal guardians? Legal guardian only falls to either spouse or ex-spouse. Other than that, those who would like to become the child’s guardian need to be appointed by you or by court.

SIX, SHOULD I GIVE IT ALL OR I SHALL PRESERVE MY WEALTH TO LAST LONGER? 

Most people choose to pass on their fruits of labour at one go. But what if the beneficiary finishes up the fruits also at one go? They will have no more fruits to eat due to the death of the roots. 

Create a Trust which can help to preserve your wealth and make sure your heirs can continue to enjoy the ongoing fruits. The wealth you preserve can act as a fish rod which can guide them how to fish, instead of just giving them all the fish you have.

Let’s talk. Let me guide you through the process. Let your next of kin get the most out of your wealth and you would be remembered forever.

I’m a planner who cares,

Eunive Foong

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