Most Malaysian put off writing a Will! Just by asking them to consider writing a Will and some will already feel morbid! As if death is just around the corner, haunting them! Sounds silly but its true!
Writing a Will is like doing good things in life: example exercise, you don’t feel good of doing it BUT everyone knows its good for health, right? But if you don’t do it or keep on delaying it, what will happen to your health? Same goes with writing your Will!
People who don’t write a will either don’t know the benefits of it, find it difficult to face the facts of life, simply procrastinate or feel superstitious about it. Whether you write a will or not, when your time on earth is up, it is up. It won’t be longer or shorter because you signed a few pieces of paper with your instructions on it.
When a person dies without writing a Will, the problems that might be face by your loved ones are: -
- it cost your spouse/survivors more hassle, time and money to distribute your assets:
- the longer the process of distribution of the estates, the higher fees will be charged by lawyer. It may take 6 to 12 years or more, to complete the process.
- hassle of finding 2 guarantors; guarantors are responsible for all your expenses and debts. Most people don’t want to be your guarantor since they will be liable for any expenses and debts.
- appointment of administrator and trustee. Can you trust an administrator appointed by the court? Remember, nowadays, a person’s total estate could easily be worth more than RM 500,000 (properties, cars, EPF and insurance)
- do you know that when a person pass away, all their assets will be frozen? It can take 2x longer for your family to get to your money even if it is a joint accounts. They will have cash flow problems! What if they are desperate to pay bills? What happen if your spouse is unemployed? Or worse still, what if both parent died together leaving behind only young children?
- your children might be taken care off by someone/various relatives that is not of your choice. Besides, if you have several children, they will be “Lelong“, i.e the court will decide and divide who to take care of which child. In the end, they will be separated, especially if a relative can’t afford to keep all of them together. The court decision might not guarantee that person will love & care for your children. There are plenty of cases where children are abandoned after the money you leave for your children got squandered!
- Can you imagine, someone you don’t like, might get a chunk of your assets?
- your assets could be mis-handled and less go to your intended family!
We will look into more of these issues in the next few articles.
You & I knows what written above are of true sense, Its not a horror movie! Its time to wake up & act fast before it is too late!
Contact us to find out how to write your Will