5 Reasons Why You Need To Write A Will In Malaysia
Reasons To Write A Will
Will-writing or estate planning may sound like a taboo topic to be discussed in Malaysia especially if you are young. That said, it is one of the most important thing to do while you are still young and physically fit (and still in sound and sane mind to do so).
Many people thought that they should only start planning if they get older or only if something bad happens (diagnosed with critical illness or met with an accident). But then, it might be too late to start on your estate planning or writing a will by then. Therefore, here are top 5 reasons why you need to get your will sorted out as early as possible.
Why You Need To Write A Will In Malaysia
1) You decide who will inherit your assets/properties
You will get to choose who will inherit or benefit your estate / assets in the event you are not around
Or the law in Malaysia particularly the Distribution Act 1958 shall decide who will inherit your assets if you die without a will (intestate).
2) Faster and easier to obtain Grant of Probate
Your loved ones / beneficaries will get to inherit your assets faster compared to when you have no will written.
In the event of your passing, your will shall be proved in Court of its validity to obtain a Grant of Probate. If you have no will, it will be troublesome to obtain the Letter of Administration before your assets can be distributed accordingly.
3) Cheaper legal fees
If you write a will now, your executor will not need to pay exorbitant amount of legal fees for a Grant of Probate (normally a Grant of Probate costs much lesser than a Letter of Administration).
4) Need no surety
If you have no will, under the law of Malaysia, your administrator of your estate needs to provide surety (or money) for security before he/she is allowed to administer your estate. However if you have a will, your executor need not provide security before he/she is granted with the power to execute your will.
5) Prevent dispute or fraud
This is to ensure that your wishes are well carried out and executed to ensure that the rightful beneficiary is entitled to your assets and to prevent dispute among beneficiaries if your wishes or intention are well stated under your will.
These are the top 5 reasons to write a will and start on your estate planning as soon as possible before it is too late.
With Alpha Online Will-Writing Services, we are committed to ensure that your wishes are well carried out and rest assured your will is specially drafted by our legal professionals/advisors.