The cost of writing a will varies based on several factors:
Complexity of the Will: The more complex your estate and wishes are, the more work is required to draft the will, leading to higher costs.
Professional Chosen: Costs can vary significantly based on whether you engage a boutique firm, a larger legal firm, or a will-writing service.
Specialized Services: If your will requires specialized knowledge, such as considerations for offshore assets or trusts, the fees may be higher.
Updates and Revisions: The frequency and extent of updates can affect costs, especially if you’re on a retainer with a lawyer.
Online Platforms: With the rise of digital services, there are online will-writing platforms that might offer more competitive rates compared to traditional lawyers.
Basic Will-Writing Services: These can start from RM 200 to RM 500 for a straightforward will.
Legal Firms: Engaging a lawyer for a basic will could cost anywhere from RM 500 to RM 2,000 or more. More established legal firms or specialized services might charge higher.
Online Platforms: The cost might be lower, ranging from RM 100 to RM 400, but it’s essential to ensure that these platforms are compliant with Malaysian law.
It’s always a good idea to request quotes from multiple sources to get a sense of the market rate. Additionally, it’s essential to ensure that the service you choose is reputable and familiar with the specific requirements of the Malaysia Wills Act 1959.
Finally, while cost is a factor, it’s essential to ensure the quality and validity of the will. A will that is not compliant with local laws can lead to significant challenges and disputes upon execution, which can be far more costly in the long run.
In conclusion, while determining the cost of writing a will, it’s beneficial to solicit quotes from different sources to gauge the prevailing market rates. However, above all, it’s crucial to prioritize the will’s legality and precision. A poorly constructed or non-compliant will can instigate substantial issues during its execution, potentially resulting in more significant expenses in the future.
WillsMalaysia has partnered with Nirvana Asia via Yankee Life Planning Advisory through their online platform Central Funeral Care to offer comprehensive Pre-planning and Legacy planning services. This partnership aims to provide a seamless and thoughtful approach to end-of-life planning, ensuring peace of mind for members and their families. WillsMalaysia members qualify for a cash gift when you signup with Nirvana Asia via Yankee Life Planning Advisory. To learn more about our partnership of care click here.