DIY Will, Not A Good Idea
Oct 21st, 2008 by Editor
There are lots of people who think Will writing is a simple matter. Especially after they have seen a sample Will, they are confident they can do something similar without spending a few hundred ringgit using a qualified Will writer.
Seems simple enough. You just appoint an executor or two, name your beneficiaries, list your assets to give to some lucky member of your family and finally make sure you sign it with two witnesses, what can go wrong?
I found this article which is quite old on the NYTimes. It says
Lanny Schwartz figured he could write his own will. After all, he had won an award as the best student in trusts and estates at the New York University Law School and had practiced corporate law for a decade. A few hours at his home computer, $120 of self-help books at his side and the future of his wife and 4-year-old daughter in his heart, Mr. Schwartz gave up.
Although Mr. Schwartz is from the US, it applies in Malaysia as well. There are intricacies that you are not aware of if you do it yourself. Among the pitfalls that is very common are:-
- not having substitute executors, beneficiaries or guardians
- writing in a way that is open to contention
- leaving out residual clause
- disinherit your spouse
The above article also shows that not all lawyers are familiar with writing a Will.
After writing so many Wills for our customers, there are still many who ask about basic things like whether a Will needs to be stamped. A little knowledge can be a dangerous thing.