What is a Will ?
A Will is a legal document stating your wishes on how you intend to distribute your assets and who will take care of your minor / special child. If a person die without a Will, the wishes may not come true and assets will be distributed according to Malaysia Distribution Act. Apart from this, your beneficiary may need to spend extra time, energy and money to settle handle the circumstances after your demise.
The importance of having a Will.
There’s always a misconception that a Will is only for the rich. The truth is everyone needs one. Why? Very simple because everyone of us will have something we had accumulated throughout our lifetime. Examples are bank accounts, property, business, valuable collections and even our sweet memories. And these are all assets which we unable to bring it with us when we depart. Through writing a Will, we able to :-
Have a clear road map for our heirs on who gets what and how much. You can also decide the duration of your heirs entitlements, whether is by lump sum or by stages. The good point here is you have the power to decide. What if you have a complicated family structure (eg : re-married or 2nd family) ? The distribution will turns ugly if you do not have a Will.
Appoint the right person to execute your Will. The key to have all the wishes stated inside the will come true is appointing the right executor. An executor is a person who get hold all your assets and distribute to the appointed beneficiary. Make sure you appoint the person you trust and have the capability to do the job. Besides, a Will enable you to appoint a guardian of your choice to take care of your children who are still minor. If there’s no Will in place, the court will decide for you and the decision made might not be the right choice.
Exclude estranged beneficiary. At times, some family may experience family members who are not fit to inherit your estates. This family members can be exclude from their inheritance or setting certain condition for them to inherit your estates.
Minimizing disputes and save time. Many are not aware the consequences they will bring to family members if they do not have a Will. There have been cases family members fighting for the estates and end up in legal battles. The results ? The distribution takes years to settle and money wasted in legal fights.