Reasons And Importance Of Having A Will

REASONS AND IMPORTANCE OF HAVING A WILL

last-will-and-testamentYou provide for your beneficiaries in the way you choose rather than letting the laws decide.

Without a Will, no provision can be made for your –

1. partner (if you are not married);

2. step-children;

3. illegitimate children;

4. aged relative or others who may be dependent upon you.

You exercise the right to appoint people of your choice to administer your estate and to carry out your wishes, safeguarding the interest of those you love and care.

Family contention is less likely to arise over the right to administer your estate.

guardianYou may appoint guardian(s) of your choice for your infant children in the event of your spouse predeceasing you or if both of you were to pass on.  Your appointed guardian(s) shall have custody of your children and will be responsible for their support, health and education.

No sureties are required for Grant of Probate.  Without a Will two sureties (guarantors) are required to provide security (administration bond) for the due administration of the estate.  The security (administration bond) shall be equivalent to the gross estate.  However the security (administration bond) can be waived when:

1.the gross value of the estate does not exceed RM50,000.

2.the court has granted dispensation upon application made to it.

3.the administrator is a trust corporation.

4.the administrator is entitled to the whole estate after the payment of debts.

Apart from the delays faced, coupled with the fact that the administrator is not someone appointed by you, there is the inherent risk that the administrator may abscond with your estate.  In this case, the sureties (guarantors) will have to bear the responsibilities of refunding the loss.

It costs less in terms of legal fees to apply for a Grant of Probate than Letters of Administration. With a Will, there will be no such delay in administration which would have led to more costs. Eliminates aggravation by bureaucracy and the maze of red tape resulting from intestacy (dying without a Will), and minimizing such hassles and ensuring your assets are distributed surely and smoothly the way you want.

A well-worded Will can cater for assets and estate growth, and you need not rewrite your Will every now and then.   Thus, your future assets and wise investment decisions are protected by your Will.

loved-ones

 It may seem that having a Will is not necessary for some people, but I believe most people would prefer to protect their loved ones with a Will.

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