Failure to plan is often unavoidable, but this is not the case when you make a will. If you pass away, your loved ones do not have to deal with the legal complexities (and potential family strife) of inheriting your assets – they will bear the burden. Writing a will expresses your wishes regarding how to distribute your estate after you die. Other desires can also be said, such as who will take care of your children and manage the family business. Do you need a solicitor to make a will? This article explains everything you need to know.
What Is a Will?
Will outline the disposition of your assets when you die. In Malaysia, a will is a written declaration having a legal effect on the testator’s intentions concerning their property or other matters they wish to carry after death. A person of Islamic faith does not need to comply with the Wills Act. Syariah law will decide on a Muslim’s inheritance. Islam requires Muslims to draw up a “wasiat” (like a will) and appoint a “wasi” (like an executor). A “wasiat” and a will serve the same purpose but under different laws.
Is A Solicitor Required To Make a Will Or Wasiat?
Having a solicitor draft your will is not a legal requirement. Nevertheless, the absence of a solicitor when drafting your will may significantly affect both your estate and your loved ones. Legal professionals familiar with Malaysia’s will laws can assist you in understanding the legal formalities you’ll need to follow. In addition, a lawyer can help you understand the implications of your wishes for your family’s finances. Discuss tax and other financial impacts with an attorney familiar with Malaysian succession law. Although you may write your will yourself, it is always a good idea to get the opinion of a lawyer. To enjoy peace of mind, you want your choice and wishes to be valid and done after you pass away.
What Is The Importance Of a Will?
It is vital to have a will because it outlines the distribution of your assets. A lot of family drama has stemmed from disputes over inheritances. A person without a will has all their assets distributed according to the Distribution Act 1958. No consideration for your family’s wishes or needs! Distributing your assets could also take quite a while, up to five years. Again, this may be problematic if you are the family’s sole breadwinner or have dependents. Moreover, your assets may also depreciate during the drafting of your will. If you leave a choice, your family will know where your possessions are and how much you own. Additionally, you will save them a great deal of time and hassle if you do not need them to handle the administration of your estate.
If I’m An Expat, Do I Need a Will?
Malaysia recognises assets relating to other countries as valid international wills. Nonetheless, if you own real estate in Malaysia or intend to remain a permanent resident in the country at your passing, you might want to write your will there. If you fail to make a will in Malaysia, you may be unable to use your Malaysian assets for an extended period. Before the Malaysian courts even start processing probate, a Grant of Probate is in the country where the support is. A Will that isn’t in place in either country can cause difficulties for your loved ones and cause delays for many months or even years.