The perception that many people can’t afford a will might stem from various factors and misconceptions. Here are some reasons behind this belief:
Misunderstanding Costs: Some people may mistakenly believe that creating a will is prohibitively expensive. This belief often arises from thinking that one must hire a high-end lawyer to draft a will. While lawyers do provide expert services, there are more affordable options available, including online will-writing platforms and basic will templates.
Prioritizing Immediate Needs: Especially for individuals or families living paycheck to paycheck, immediate expenses like rent, utilities, food, and education may take precedence over future-oriented concerns like estate planning.
Lack of Awareness: Some might not even know the importance of a will, particularly in cultures or communities where discussing death or inheritance is taboo. If the value of estate planning isn’t understood, people are less likely to budget for it.
Procrastination: As with many tasks that don’t have immediate consequences, people might delay creating a will, thinking they can always do it later. This delay often leads to a perpetual cycle of postponement.
Overwhelm & Complexity: The process of considering how to distribute assets, name guardians for children, or make end-of-life decisions can be emotionally taxing and complex. Some might avoid it entirely due to the mental and emotional strain, rather than direct costs.
Assumption of Simplicity: People with fewer assets or smaller families might assume that their estates are straightforward enough that their assets will automatically go to their immediate family. They might feel a formal will is unnecessary.
Reliance on Alternatives: Some might rely on alternative methods of estate distribution, like joint ownership or beneficiary designations on accounts, assuming these will suffice in lieu of a formal will.
Fear of Making Mistakes: There’s a fear that a self-drafted will might contain errors leading to disputes or unintended consequences. Rather than risk mistakes, and feeling unable to afford professional help, they might avoid the process entirely.
Despite these reasons, it’s essential to understand that having a will is crucial. A will can help ensure assets are distributed according to one’s wishes, reduce potential disputes among beneficiaries, and provide guidance on other vital decisions, such as guardianship for minor children. There are affordable options available for everyone, from basic templates to online platforms like WillsMalaysia, that can guide individuals through the will-writing process.
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.