At WillsMalaysia, January is always the busiest month of the year. It’s a time for introspection as well as forward-thinking. Many of us have talked about family issues and spent time with relatives over the holidays. Given that the majority of people don’t even have a Will in place, it’s likely that a family member who passed away in 2022 left their estate planning in a mess.
On Christmas Day, perhaps, there was a conversation at the dinner table regarding estate planning and succession in your own family, including who would get the cottage. Alternatively, perhaps Grandpa promised you his pocket watch. One crucial conversation we had was the challenging one regarding the guardianship of our daughter: who would be the best candidate and would they be willing to accept the responsibility?
Healthcare and financial security are two areas that are frequently the focus of New Year’s resolutions, and a thorough estate plan specifically addresses both issues. The Living Will and Power of Attorney are two essential healthcare documents that enable you to communicate your desires in the event that you become unable to speak for yourself and also allow you to designate someone to make financial and healthcare choices on your behalf. A resolution to establish life insurance, powers of attorney, and a living Will should be made in addition to eating better and exercising more.
A Last Will and Testament is likely the most crucial legal document in terms of finances; it should be drafted as part of a smart financial strategy rather than right before death (chances are, when your death is imminent it will not be a convenient time to write a Will). The start of a new year is an excellent opportunity to draught a will or evaluate an existing one. It makes sense to check your decision on the personal guardian for your children, confirm that you have selected the best candidate to serve as your estate’s executor, and reevaluate your beneficiaries. As a result, you could have made a resolution to monitor your spending, save money when you can, and work to grow your income. However, putting together your Last Will and Testament is the most crucial stage in your financial planning.
If you use WillsMalaysia.my, it simply takes approximately 30 minutes and is quite reasonable. Everyone has the legal right to write their own Will; there is no obligation that they pay a lawyer or attorney to do so.
So why not fulfil one commitment today and organize your estate planning paperwork?