Our support staff at www.WillsMalaysia.my got an excellent inquiry today. A potential client decided they wanted a will; they already had a spouse and one child, but they also knew they were going to have more kids in the future. Should they draught the Will right away or wait till their family circumstances had stabilised?
Everyone should have a will, as we all know, so the obvious solution is to write one now and amend it if there is a change in the family’s circumstances, particularly if this involves the birth of a new kid. However, things are not always this straightforward. When you hire a lawyer to draught your will, the price might be high—up to RM600 or RM800. The expense alone may cause you to reconsider and postpone until the following year if you are aware that the Will will only be valid for a short period of time, such as six months or a year.
Making the plan future-proof by incorporating a clause like “split equally between all of my offspring” without identifying them is one method some have attempted to get around this. This is effective for adult children who may predecease you, but it is less effective for newly born children since other provisions in the Will would need to be made for these unborn children, such as minor trusts and personal guardians.
Families are rarely static; there are births, deaths, weddings, and divorces, not just for you but also for your children, beneficiaries, and executors. Even if a backup is listed in the will, the death of an executor should necessitate a revision because you would no longer have a backup executor.
Will revisions at a lawyer’s office can be a costly endeavour. Due to the fact that preserving, storing, and even managing a will may bring in significant money, some attorneys provide a discounted will drafting service. Fortunately, you can form your will quickly and affordably using online services like www.WillsMalaysia.my. You can even go in at any time afterwards and revise your will to take into account any changes to your financial or personal status.
People have asked in the past, “why would I ever need to change my Will? I know how I want to distribute my estate”. Just supposing however that somebody or some organization comes into your life and has a profound impact on you. So much so, that you may want to recognize this impact by way of a bequest or legacy. Even if your family situation doesn’t change, your priorities may, so it always makes sense to write your Will today, but keep an open mind to the propsect of updating it regularly in the future.
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.
makes sense to write a will now and just update it later. Life’s always changing anyway.
Had no idea updating a will could be so pricey with lawyers. Online services sound like a bargain.
The part about ‘split equally among my children’ is smart. Didn’t think of that for future kids.
wow, never considered how a divorce or new marriage could affect my will. Eye-opening read.
i like the idea of being able to change my will easily if someone makes a big impact on my life
This article’s a reminder that ‘settled’ is just a myth. Better to be prepared for life’s curveballs.