If you are non-muslim and still considering whether to have your Will written, there are 5 main reasons we could not emphasize more on the importance of having a valid Will before your “departure”:
- Control over distribution of assets: A Will allows you to specify how you want your assets to be distributed after your death. Without writing a Will, your assets will be distributed according to the Distribution Act 1958 (amended in 1997), which may not align with your wishes. Moreover, the Act only specify the portion or percentage of each group of beneficiaries but not mentioning which assets to give to a particular beneficiary. Thus, fragmentation is unavoidable and this could potentially lead to more problems in future.
- Minimize family disputes: A properly drafted Will can minimize the potential for family disputes over the distribution of your assets, as your intentions will be clearly stated. You even can include “Terms of Endearment” in your Will to tell your last words in meaningful way OR to let intended person to understand the reasons of you making such distribution decision.
- Appointing Executor/ Guardian: You can freely choose any trustworthy individual or professional Trustee Company (Rockwills Trustee, RHB Trustee.. etc) to be at the helm of administering your estate when you pass on. If you have young children, you can use your Will to appoint guardians for them in the event of sudden demise of you and your spouse.
- Speed up the estate administration process: Having a Will can speed up the estate administration process compare with without having one. This, as a result, can help to reduce delays and legal costs. Eventually, it will not cause hardship to your beneficiaries.
- Tax planning: A Will can be used as part of your overall tax planning strategy to minimize the tax liability of your estate, especially when comes to Stamp Duty on transferring immovables during lifetime VS by way of using Will.
Overall, having a Will can provide peace of mind, ensure your wishes are carried out, and help to avoid unnecessary complications and disputes after your death. No matter how, do not delay on getting your Will done.