Do your parents have a Last Will and Testament that has been updated to reflect their current wishes and circumstances? is the topic of a basic blog post published today. I’m betting that very few people have discussed their estate plans with their parents, despite the fact that we know that between 60 and 70 percent of people do not have a will and that the majority of those that do are not maintained up to date. There are several clear causes for this. The first is the misperception that discussing estate planning is the same as informing someone that they will soon pass away. Of course, this is an odd idea because so few people prepare for their demise, yet everyone needs to have an estate plan in place.
The other false assumption is that you would be meddling with your parents’ financial matters. Of course, you don’t have to know what is in your parents’ will in order to inquire about if they have one. Parents only need to inform you that, yes, they have a will and that you might be the executor; the rest can be done after their passing.
Why is it even necessary to know whether a will has been made? Because having a will and not having a will when a parent passes away are two completely different situations.
When a single parent passes away and leaves a Will, the Executor submits the Will to the probate courts where they request authorization to handle the estate administration and burial arrangements. They can visit banks and other financial organisations with this court document in hand to collect the estate’s assets, which will then be dispersed in accordance with the wishes outlined in the Will. Within a few weeks, everything can be addressed.
Without a Will, several parties may approach the courts to request that the estate be administered. Before the administrator selected by the court has been assigned, no asset may be touched. The estate will then be divided in accordance with the laws of the applicable country, which may call for the liquidation of some assets, such real estate. The entire process is probably going to take months rather than weeks, no assets can be handled in the interim, and it’s unlikely that the distribution of the assets would be done according to the decedent’s intentions. Children fighting over everything from the funeral plans to who owns what makes arguments and family strife much more likely. In fact, there’s a good chance that certain assets will never ever be found.
Have the conversation. Parents who pass away without a Will wind up causing issues for their offspring. Simply inquire as to whether a Will is in existence and whether it has been amended recently. Asking the question is not necessary and it won’t speed your parents’ passing. If they respond negatively, you should inform them that creating a will doesn’t have to be expensive and can be done in 30 minutes or less at WillsMalaysia.my
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.