What’s the first thing you think of when you hear the word ‘will’? Wealth? Death? Family members fighting amongst each other?
Sure the last one is what we see happening on our television screens but it could happen especially if the family member that has just passed away didn’t have a will. Other than preventing any infighting, a will has other functions as well.
To find out about writing a will, we speak to Fenny Lai Hoon Ling, Senior Rockwills Estate Planner and Associate Estate Planning Practitioner UK since 2012.
1Twenty80: Firstly, what is a Will?
Fenny Lai:
A will is a legal document that gives instructions on what to do with the individual’s estate after death.
1Twenty80: Who should have a will and why?
Fenny:
Basically, everyone above 18 years old who own some kind of asset especially families with young children, special needs children and people with elderly parents that need to be taken care of. Those who are getting married, have just had their first child, divorced or acquiring new assets should also consider getting a will done.
You should have a will to make sure that your assets are protected, preserved and given to the intended beneficiaries after our passing.
1Twenty80: What about those who are single? who should they bequeath to?
Fenny:
According to the Distribution Act 1958 Malaysia, single individuals without parents and children (including legally adopted children) will pass their assets to his or her siblings. If they do not have siblings, it will go to their grandparents, uncles or aunts. To avoid messy distribution, they should write a will to bequeath to anyone else.
You are also able to bequeath your assets to any charity of your choice and this includes community churches, temples, Charis Hospice, MERCY Malaysia, SPCA, Salvation Army just to name few examples.
1Twenty80: What are the benefits of having a will?
Fenny:
There are a few benefits to having a will and these include:
- You decide on who, when and how much of your assets to distribute.
- No delay in estate administration and legal process.
- Your family will not face cash flow problems due to frozen assets.
- Your wealth is well protected and preserved.
- Ensuring smooth inheritance for your loved ones.
- Prevent dispute over your money.
- Prevent estate from going to government (due to unclaimed monies).
Quote: Life is full of uncertainties today so it is best to leave nothing to chance.
1Twenty80: Does a will need to be updated and why?
Fenny:
We recommend that you review your will every five years. If there are any changes in life circumstances, you need to update it. However, if there is a divorce, remarriage, newborns in the family, death of any beneficiaries or executors, or changes in financial circumstances, it is important to update it immediately too.
1Twenty80: Who should we speak to when it comes to writing our wills?
Fenny:
You can speak to any qualified professional estate planners who is attached to a professional estate planning company and trustee company. This is to ensure that your will is written in a proper manner and when the time comes, it will be executed according to your will.
1Twenty80: What is your advice to our readers when it comes to their will?
Fenny:
One must draw up a will to protect their loved ones. If insurance is to protect a loss of income due to illness or death, then wills and trusts are to protect your assets and beneficiaries when you pass on. Life is full of uncertainties today so it is best to leave nothing to chance. Make your will and the law will protect your wishes when it is time.
