You do not need to be rich to write a will. A simple Will written by a lawyer is ranged between RM200 to RM500 and no details or confidentiality of your assets or estate need to be revealed when writing a Will. The Will writer will not have an idea how much you have in your bank account. Therefore, do not be shy to approach your will writer to get one done up for you for the sake of your intended beneficiaries as long as you are aged 18 (West Malaysia and Sarawak) or 21 (Sabah) or above.
You may specifically arrange for your own funeral and how it should be conducted in your Will apart from other details on the distribution of your assets. Choose your own trustee for your monies and custodian for your minors to avoid unnecessary confusion in the event there is a fight over the right when your children are still at a vulnerable age.
An existing Will can be reviewed if:
- The person is Married or Remarried
- There are changes to the name or details
- There are changes to the beneficiaries
- The executor can no longer represent his role
- Any other changes of details in the Will
Think for your loved ones and be responsible to them. Do not complicate issues for them when it can be prearranged and prepared in advance with just a simple Will written. A well prepared Will brings about security and peace of mind to our family members and loved ones after we pass on. It ensures continuity of our mind in the way how our estate including children, assets, shares, cash and etc should be distributed, entrusted or taken care of without the interference of the auto distribution system of the country (Distribution Act 1958) which, many a time not according to our wish and the process is prolonged and complicated.
Find out on:
How your estate will be distributed if you die without a Will
Content of this article is contributed by Henry Soong & Partnes