Do You Need A Will ?

Do I Need One?

   Probably the most important document you may ever have is your “Last Will and Testament”. If that is the case, then why is it that over 90% of the adult population of Malaysia do not have one?

   Some people think that writing a Will is only for the old, the infirm or those dying. This is obviously not the case and we should consider writing a Will as soon as practical, as we may die at anytime due to unforeseen circumstances. We all know that people die everyday after sudden illness or accident. Life is unpredictable.

   Quite a few people consider themselves too poor to need to make a Will, whilst others believe that dying without a Will is no different for them and their families than dying with a Will. I must stress that it is important to consider that the law surrounding Intestacy (dying without a will) has little to do with common sense or justice. We must not forget that “We Are Not Above The Law”.

   Whether you are single, married or living together it makes sense to assure that your loved ones will benefit from your estate. The more clearly you state your wishes in your Will, the more likely it is that on your death, those whom you wish to benefit, do. It also gives those left behind a clear indication of what you wanted to happen and this can ease the strain on those you leave behind at what can be a most trying time.

Everyone procrastinates for different reasons, but writing a Will doesn't have to be complicated or expensive.

The simplest way to ensure that your funds, property and personal effects will be distributed after your death according to your wishes is to prepare a Will. A Will is a legal document designating the transfer of your property and assets after you die. Usually, Wills can be written by any person over the age of 18 who is mentally capable, commonly stated as "being of sound mind and memory."

The end of your life is something you probably don't want to dwell on, but thinking about what will happen to your loved ones and your assets and personal possessions is important. Making sure you've done all you can to make their lives easier will give you peace of mind. Once your Will is drafted and signed, you won't have to think about it again unless something significant in your life changes.

REASONS AND IMPORTANCE OF HAVING A WILL
 

You provide for your beneficiaries in the way you choose rather than letting the laws decide.

Without a Will, no provision can be made for your -

1. partner (if you are not married);

2. step-children;

3. illegitimate children;

4. aged relative or others who may be dependent upon you.

You exercise the right to appoint people of your choice to administer your estate and to carry out your wishes, safeguarding the interest of those you love and care.

Family contention is less likely to arise over the right to administer your estate.

You may appoint guardian(s) of your choice for your infant children in the event of your spouse predeceasing you or if both of you were to pass on.  Your appointed guardian(s) shall have custody of your children and will be responsible for their support, health and education.

No sureties are required for Grant of Probate.  Without a Will two sureties (guarantors) are required to provide security (administration bond) for the due administration of the estate.  The security (administration bond) shall be equivalent to the gross estate.  However the security (administration bond) can be waived when:

1.the gross value of the estate does not exceed RM50,000.

2.the court has granted dispensation upon application made to it.

3.the administrator is a trust corporation.

4.the administrator is entitled to the whole estate after the payment of debts.

Apart from the delays faced, coupled with the fact that the administrator is not someone appointed by you, there is the inherent risk that the administrator may abscond with your estate.  In this case, the sureties (guarantors) will have to bear the responsibilities of refunding the loss.

It costs less in terms of legal fees to apply for a Grant of Probate than Letters of Administration. With a Will, there will be no such delay in administration which would have led to more costs. Eliminates aggravation by bureaucracy and the maze of red tape resulting from intestacy (dying without a Will), and minimizing such hassles and ensuring your assets are distributed surely and smoothly the way you want.

A well-worded Will can cater for assets and estate growth, and you need not rewrite your Will every now and then.   Thus, your future assets and wise investment decisions are protected by your Will.

 It may seem that having a Will is not necessary for some people, but I believe most people would prefer to protect their loved ones with a Will.
 

Quote From A Badly Written Last Will.

"I leave everything to my wife and on her death it is to be shared between my children".

An absolute disaster! The husband wanted to leave everything to his wife, who would then, on her death, leave it to their children. This statement means that his estate by-passed  his wife in favor of his children. His wife is left  merely holding his estate in trust for the children. 

This is one of the reasons why lawyers spend more time, and make more money, sorting out disputes in badly drafted Do It Yourself  Wills.

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