When considering whether to document your assets online or on paper, it’s essential to understand the pros and cons of each method and how they relate to the legal landscape, particularly in Malaysia.
Online advantages
Accessibility: Can be accessed from anywhere with the right credentials.
Updatable: Easier to update and maintain.
Backup: Can be backed up on multiple platforms or cloud services.
Organization: Digital tools can help categorize and organize assets more efficiently.
Concerns
Security Concerns: Vulnerable to cyberattacks if not adequately secured.
Digital Decay: Technology evolves, and certain file formats or platforms might become obsolete.
Dependency on Technology: If the platform or service closes down, you may lose your data unless you have backups.
Paper advantages
Tangibility: There’s something tangible to hand over to trusted individuals.
No Tech Dependency: Doesn’t rely on platforms or software that might become outdated.
Less Susceptible to Cyberattacks: Physical documents aren’t vulnerable to hacking.
Concerns:
Damage Risks: Susceptible to damage from fire, water, or decay.
Loss: Physical copies can be lost.
Accessibility: Can only be accessed where the document is physically located.
Updates: Making changes requires manual rewriting or printing.
Malaysia Wills Act 1959
The Malaysia Wills Act 1959 primarily focuses on the requirements and conditions for a will to be considered valid.
The act requires that a will be in writing, which traditionally pertains to a physical, paper document.
The will must be signed by the testator and witnessed by at least two witnesses.
Given the explicit requirement for the will to be in writing, a digital or online-only version would not suffice by itself. However, when documenting assets (which is a separate activity from drafting the will), you have the flexibility to use either digital or paper methods, or even a combination of both. It’s more about ensuring clarity, comprehensibility, and accessibility of the information for your executor and beneficiaries.
Regardless of the method you choose, if there are digital components or online accounts that are part of your assets (e.g., cryptocurrencies, online businesses), it’s crucial to provide clear instructions and access details to your executor.
Lastly, while the Malaysia Wills Act 1959 provides foundational guidelines, it’s always recommended to consult with local legal experts to ensure full compliance and address any recent legislative changes or interpretations.
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