Choosing not to have a will is a personal decision, and while there are many advantages to having one, some individuals might opt not to for various reasons. Here are some potential reasons (though not necessarily recommended) why someone might choose not to have a will:
Simplicity of Estate: If someone has very few possessions or assets, they might feel that there’s no need to draft a will. They might assume that the default intestacy laws will distribute their estate adequately.
Reliance on Joint Ownership: Assets held in joint ownership, such as joint bank accounts or jointly owned properties, usually pass on to the surviving owner upon death. Some people might rely on this mechanism rather than writing a will.
Cost Concerns: Some might avoid drafting a will due to the costs associated with hiring an attorney. They might not be aware of more affordable options like will-writing software or other services.
Procrastination: A common reason is simply procrastination or the belief that there’s plenty of time in the future to draft one. People often avoid thinking about their mortality.
Cultural or Religious Beliefs: In certain cultures or religions, there are specific rites and practices related to inheritance and estate distribution. Some might choose to adhere to these traditional methods rather than drafting a formal will.
Fear of Conflict: A person might avoid writing a will out of fear that specifying their wishes might cause conflict or tension among family members. They might hope that family members will sort it out amicably after their passing.
Privacy Concerns: Some individuals are highly private and may not want to disclose the details of their assets and estates, even to a lawyer or a will-writing service.
Feeling Overwhelmed: The process of estate planning can feel overwhelming and complicated. Instead of navigating this complexity, some might choose to avoid it entirely.
While these are reasons some might give for not having a will, it’s important to note that dying without a valid will (intestate) can lead to unintended consequences. The estate might not be distributed as the deceased would have wished, and it can lead to potential disputes among heirs. Proper estate planning, even if simple, can provide peace of mind and ensure that one’s wishes are honored after their passing.
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.