New life events would render your current will null
Why so many adults do not write a will is a mystery. We all agree that it is a crucial document since it specifies how the estate should be divided. It also appoints someone to carry out the instructions (the Executor), and may name guardians for minor children. Most importantly, it spares the family and loved ones left behind a major hassle. However, depending on which statistics you believe, anywhere between 60 and 80 percent of individuals do not have a will. Equally concerning is that the majority of those who do have a will, rarely review it to ensure it is current.
One erroneous belief jeopardizes the entire will-writing process, as we frequently discuss with clients who are considering writing their wills. Many individuals believe that creating a will is something they can do only once. Their Last Will and Testament, the real document that will be read in the days after their passing, is the one they will write. If this is the case, then the majority of individuals would rather wait until they are certain that this particular paper would serve as a reflection of a lifetime’s worth of experiences and encounters. I’ve been asked questions like “I’m having a child later this year, should I put off making my Will till then”.
The response is that, while it is true that you will need to update the Will once the kid is born, no one should go a day without having a current Will that accurately reflects their circumstances at the time. Create a will today, then revise it once the child is born.
Why then are people so hesitant to take this action? because having to revise a Will every time a circumstance changes is both inconvenient and expensive to do. We’ve heard harrowing tales of solicitors charging hundreds of ringgit per alteration to a Will, with even minor updates costing up to RM500 or RM800. It makes sense why people want to ensure that they only have to go through this experience once.
More people are using internet services like WillsMalaysia.my as a result. In addition to being far more reasonably prepared, a will may be revised at home in a matter of minutes. If necessary, a Will can be revised numerous times a year without incurring any further fees. By using a service like this, you may be confident that your will is constantly current and that it will not just be legally binding.
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.