What is a Will?
The legal definition of a “will” is a declaration intended to have the legal effect of the intentions of a testator (the person who writes the will) with respect to his property or other matters which he desires to be carried into effect after his death.
A will is simply a document which is prepared in the prescribed form which identifies the matters which the testator wishes to take effect upon his death.
A valid will is one that satisfies the requirements under the Wills Act 1959 (only applicable to non-Muslims) i.e. the requirement for age, testamentary capacity and also the formalities for the execution of the will.
Have you ever wondered “why do I need a will?”. There are multiple reasons why it is important and necessary to have a will, in this article we will discuss our top 5 reasons why.
1. Control Over Your Estate Administration.
Having the power to decide what happens to your assets and how your loved ones are taken care of even after you are gone has to be the greatest reason to have a will. Where there is no will, the estate of a deceased is distributed according to laws of intestacy.
This involves deciding who executes your will, who gets your assets and property (and who does not), and any conditions you may wish to impose on your beneficiaries in order to receive their inheritance.
You may also leave instructions for your intentions to be carried out after you are gone. This may be instructions to take care of a beloved pet, support a charity, management of digital assets (social media accounts etc.) funeral plans, etc.
2. Minimising Family Disputes.
If you are faced with highly dynamic and difficult family relationships, making a will is crucial to avoid disagreements relating to estate distribution especially during an emotionally challenging time.
A will clearly outlines your wishes and gives your family members a clear understanding of your intentions. Preparing a thoughtfully crafted will also allows you the opportunity to plan the distribution of your estate in a way that best suits your family and avoids disputes.
3. Safeguarding The Interest of Minor Children.
Through a will, you can appoint a guardian of your choice, someone you trust to care for your children in the event both parents pass.
This provides peace of mind, knowing that your children will be nurtured by someone you deem fit for the responsibility.
If a parent does not appoint a guardian in a will, the Court may appoint a person it deems fit to act as guardian for any minor children.
4. Saving your loved ones from unnecessary stress, costs and wasted time.
When a person passes away with a will, the executor named in the will can apply for grant of probate immediately and in a rather quick and straightforward manner.
The probate process is more efficient, less costly and less time consuming than the process of intestate administration.
Where there is no will, among other complications, the surviving next of kin have to agree on the person who will act as administrator while the others have to renounce their rights to do so.
If your surviving family members are unable to cooperate or if disputes arise, the legal process may be long and costly.
5. Peace of Mind.
It is not difficult or costly for one to write a will or update it. An experienced lawyer would be able to guide you through the process, ensuring the validity of your will and that your intentions are clearly captured and can be executed.
With a well-crafted will in place, you will regain your peace of mind knowing that you can still take care of your legacy and your loved ones even after you are gone.
Conclusion
In conclusion, a will is not just a legal document; it’s a proactive and responsible step toward securing the future for your loved ones. Whether you’re in the prime of life or approaching your golden years, crafting a will is an investment in the well-being of your family and the preservation of your legacy.
If you have questions or need assistance in will drafting or estate planning in Malaysia, we are here to guide you.