The concept of one’s mortality is a complex topic to contemplate, so most people avoid doing so, whether directly or indirectly. It is also perhaps why more than 50% of middle-aged people in the country still don’t have a will. Many of these people often ask questions like;
- Why do I need a will?
- What happens if I die without a will?
Here, we’ll be addressing these critical questions much more concisely. But first, some context.
What Exactly Is a Will?
Before you judge if you need something, you have first to know what the thing in question entails. A will detail their wishes, the distribution of properties, and the care of their (minor) children.
Why Do You Need a Will?
Contrary to what others think, preparing a will isn’t a luxury reserved for only the wealthy. Some important reasons why you’re better served preparing a last will include;
- You get to state how you want your estate to be handled explicitly.
- You’ll be able to keep your property out of the hands of people you specifically don’t want to get it.
- You can pick who’ll care for your young children if the worst happens.
- It’ll make the process of inheriting your estate easier for your children.
- Giving charitable donations and gifts will be an easy affair.
- It affords you a measure of flexibility.
What Happens If You Die Without It?
People who die without a valid will have been killed “intestate.” When such a situation occurs, the handling of the estate is left to the state. The designated formula to allocate your assets is dictated by the Distribution Act 1958. Some problems that’ll result from this include;
- As the Distribution Act 1958 doesn’t account for several modern-day scenarios, the allocation of your estate to your surviving family members may be uneven and problematic.
- You forfeit the right to choose your executor.
- The chances of family disputes occurring increase exponentially.
- You won’t be able to choose who’ll care for your young children in your absence.
- Distributing your estate will take far longer than it rightly should.
The truth remains that no single document is enough to solve any issue that might come up after your demise. However, a will ensures there’s a straightforward way to resolve many of these issues quickly.
Getting a Will In Malaysia Today
When you weigh the pros of getting a will against doing without, you realize you’re better served preparing this legal document. If you want to do that with ease and at an affordable rate anywhere in Malaysia today, utilize the online will writing services of Fincrew.