Common myths and misconceptions about writing a Will
Throughout my years of providing guidance for my clients to draft a will, I realise that there are many myths or misconceptions of people regarding writing a Will. At the same time, I agree that the topic of estate planning might not be in their top-of-their-minds as compared to investments or financial protection, but it would be a critical situation when the time comes.
Many people believe that it will happen to them “someday”, but it’s often neglected due to common myths and misconceptions among their peers. Below are the common myths of Will Writing I often hear from individuals.
Will Writing is only done by Wealthy Individuals
Throughout my conversation with individuals, a common misconception about writing a Will is only done by individuals with plenty of assets, whether cash, stocks or property. Most of their common answers would be, “I do not have many assets to pass on to my wife/husband, children or parents.” Or “You know lah, I don’t own many things. Why do a Will?” However, this thought is often short-lived as most would realise that they would accumulate assets over time. Furthermore, as life phases constantly change, these assets would eventually be passed onto their family members or someone they intend to.
My Spouse and Children will have no problems inheriting my Assets quickly.
While it is true that if you are married and have a surviving spouse, your assets would be inherited by the spouse and children, if applicable. However, the situation remains on whether they would be able to receive the assets in a shorter period if you have a Will prepared. If you die without a will or intestacy, wouldn’t they would need a longer duration to have the assets to be distributed to them? During this duration gap, the pressure would be even greater if you have any minor children, depending on your livelihood.
With a will written, the executor would be granted probate to have your estate distributed according to your wishes in a shorter amount of time.
You only need to write a Will when you’re older
You may think you don’t need a Will because you’re not old enough. However, it is recommended for anyone over the age of 21 to have a Will. Especially if you start your career, you would have income and gradually own assets over time. If you die without a Will, your assets will be distributed according to the Distribution Act 1958, which may not be how you would want them to be distributed. It would result in the persons closest to you could receive nothing, and persons you do not want to leave anything could end up with your assets. Hence, having a Will gives you peace of mind that your loved ones will be provided for as you intend.
Will Writing costs a lot of Money
Many would think that Will writing costs a lot of money as it is performed by an appointed legal firm or a lawyer to manage the wealth of wealthy families. However, as different from what we see in TV dramas, will writing now is very accessible to the majority of the public as estate planning providers could do it. As these providers are very focused on will writing, you can get proper advice and steps on how to get your will done as per your wishes. Furthermore, the costs are considerably lower as compared to legal firms.
When thinking about estate planning, the first thing that typically comes to mind is the idea of drafting your will. However, there are many other documents and decisions to consider in the estate planning process. It would be beneficial for an estate planner to provide adequate knowledge and advice on how these steps should be done correctly.
In conclusion, it is essential to dispel the myths and misconceptions about will writing so that people can make informed decisions about your estate planning. You should always seek professional advice with the help of a qualified person from an estate planning company or an estate lawyer. With this in mind, you can create a legally binding will that meets their unique needs and gives them peace of mind. Get more information here on how to write your Will in Malaysia.
Get Advice for your Will Writing
If you are looking for a comprehensive will writing and advisory service from Rockwills, look no further.
Ms Foo Yoong Chih, a licensed Certified Financial Planner as well as a Franchisee of Rockwills, would be able to offer her advice on your personal estate planning.
With 14 years of experience, we can provide you with everything you need to know about will writing, custody and executor services. So, if you want peace of mind and value for money Will Writing service, do contact us.
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