The notion that “everyone knows what I want to happen” or that “it’s evident who will get my possessions” is one of the most frequent justifications given for not drafting a Last Will and Testament. Many individuals naturally want to stay away from all things bureaucratic and opt for the simpler solution if one is offered. Additionally, many people may have a natural mistrust of institutions like the legal system, tax authorities, and the like, leading them to steer clear of them whenever possible.
One alternative to estate planning, in the view of some, is to simply write down on paper, “My cousin Dev can have my home theatre system, my niece Lalitha can have my vehicle, and the rest can be divided up between my sisters.” Let’s look at the reasons why this will be a total failure now.
First of all, no one has been designated to manage the estate. The Executor is one of the most significant people named in a will, and this individual will supervise and regulate the estate distribution. They are frequently compelled to replace the locks on any property right away since, tragically, it happens all too frequently for individuals to break into a house and search through the stuff of a person who has just passed away. This is under the supervision of the Executor, and in the absence of one, there will be a very nasty free-for-all where rumours and suspicions will sour relations within the family.
One will automatically presume that something has been taken if it cannot be located. Additionally, the risk of promising the same thing to various individuals at different times sometimes results in formerly cordial family members becoming suddenly unable to get along. This division of personal property is formalised by a will, which is one of its most significant effects.
The Executor’s other major duty is to gather all the assets and assign a value to the estate. Even while you might desire to minimise bureaucracy, the taxman nonetheless could want his cut. Additionally, there can be funeral costs and even debts that need to be paid. If there is money owing to credit card companies, they will demand it, and it will come out of the estate before it is given to beneficiaries. A Will aids in formalising that procedure so that family members cannot begin taking use of the inheritance until these commitments have been fulfilled.
The issue of actually collecting the assets follows. Try entering a bank and claiming that a deceased account holder wanted you to inherit all they possessed. You won’t go forward at all. Without a Will, the courts will be in charge of gathering the assets and distributing them; a bank will demand official proof that you are the person to whom the assets should be released.
Unfortunately, using any other instrument outside a Will to officially manage your estate distribution is quite challenging. The good news is that a service like that provided by WillsMalaysia.my makes it possible for you to swiftly and inexpensively establish your will.