The majority of the population cannot afford to write a will
In Malaysia, the majority of the population cannot afford to write a will. This is due to several factors, including the cost of hiring a lawyer, lack of knowledge about the importance of having a will, and cultural beliefs.
One of the primary reasons most Malaysians cannot afford to write a will is the cost associated with hiring a lawyer. Many people believe that creating a will requires a significant amount of money and is only necessary for wealthy individuals. However, this misconception is untrue. While it is true that hiring a lawyer can be expensive, there are other affordable options available.
Another reason is the lack of knowledge about the importance of having a will. Many of us are not aware of the benefits of having a will, such as ensuring that your assets are distributed according to their wishes and avoiding disputes among family members. Additionally, there is a lack of education on how to create a will and the legal requirements involved, making the process seem intimidating.
Cultural beliefs also play a role in why many Malaysians cannot afford a will. Some Malaysians believe that talking about death and planning for it is taboo or brings bad luck. Therefore, they avoid the topic altogether and do not prioritize creating a will.
However, not having a will can lead to several consequences. For example, without a will, the distribution of assets will be determined by the Intestate Succession Act 1959, which may not reflect the individual’s wishes. This can lead to disputes among family members and potentially lengthy legal battles. Additionally, without a will, the distribution of assets may be delayed, causing financial hardship for the individual’s loved ones.
There are several options available for Malaysians who cannot afford a will. One option is to create a simple will using an online template or software like the one found in WillsMalaysia.my. It is a more affordable option that can ensure the individual’s wishes are followed.
In conclusion, the lack of affordability of a will in Malaysia is primarily due to the cost associated with hiring a lawyer, lack of knowledge about the importance of having a will, and cultural beliefs. However, not having a will can lead to several consequences that can cause financial and emotional hardship for loved ones. Therefore, it is essential to educate Malaysians on the benefits of having a will and provide affordable options for creating one.