It’s not an easy task to carry out your Last Will and Testament
In previous postings, we’ve spoken about how important it is to choose the correct individual to serve as your estate’s executor and what duties this role entails. At WillsMalaysia.my, we frequently hear about two particular difficulties that an estate administrator faces.
Finding the Will is the first step. We receive emails almost daily from people asking for someone’s Will. Someone has passed away; they claimed to have a Will, but no one has been able to locate it. The most crucial piece of advice, which we’ve already covered, is to let your Executor know where your Will is kept. There are advantages and disadvantages to each option for where to put the document, but if your Executor doesn’t know where it is, there is little likelihood that your desires will ever be honored.
When the Executor locates the Will, the courts then provide them the authority to manage the estate, and this is when the actual job begins. The Executor must collect all of the estate’s assets, but how will they know where each asset is kept? A common phrase in a will is, “My entire estate is to be divided as follows: one third to person A, one third to person B, etc. How does the executor know where to look for each and every account, each and every stock portfolio, each and every investment, and even that bundle under the pillow? Considering that everything has been identified, how does the Executor even know?
WillsMalaysia.my is focused on the magnitude of this problem. Unbeknownst to the estate executors, this equates to billions of ringgit, dollars, pounds, and euros held by banks. Of course, including every account would be absurd; you would have to update your will each time a bank account changed or a stock portfolio was cashed in. We advise everyone to fill out a document at WillsMalaysia.my so they can include their critical contacts and categorize their own assets. It is possible to update this document if an asset changes; it does not have the same legal standing as a signed and witnessed document.
So that the Executor has a complete list of assets at the right moment, it can then be kept alongside the Will. In the digital era, it is more crucial than ever to let your executor know where all of your assets are located. Many people are not even aware of the full scope of their spouse’s accounts, and an executor would never even be aware that they had overlooked a significant or valuable asset if there was no list kept with the will.