Sunday, 20 October 2013

When and Why You Should Write Your Will


First reaction I got from my husband when I told him that I’m writing my will was surprise, shock and a lot of questions. In general, people tend to think that only the old, dying or wealthy should write their will. I beg to differ.  


Image from web



Life is full of uncertainty. You definitely cannot tell when you might come across an accident, a mishap or, worse, death. Ever since I became a mother, I always worry about what can happen that is beyond my control. If anything happens to me, will my son’s life be financially secured? Would he have sufficient funds for his future? Will my family have access to my bank accounts to support my son? Will it be easy and convenient for them or will it take years to settle legal documents and all?  What if my family needs more money immediately?  


I’ve been thinking of preparing a will for several months now but I honestly didn’t know how to get started or even whom to talk to. One day, I came across a leaflet for will writing in my billing statement. And I finally had that strong push to explore getting my will done. I called the contact number indicated in the leaflet and had a quick chat with the consultant on how to get it started.  




The first step was to prepare some documents of beneficiaries, my trustees, executor and myself. Quite easy as these are just basic IC photocopies plus my passport and visa (I’m a foreigner who’s still waiting for my PR so I have no IC yet). Then I had a meeting with the consultant and discussed details of the will. The process was quick and easy: review the first draft then signing of final will. I’m quite busy and cannot meet during weekdays, not to mention my husband getting hospitalized for 11 days, so the consultant had to adjust to my timing. I’m sure it would have been even faster if it weren’t for my schedule but the process just took a few weeks. I thought this type of document takes months to complete.  


I firmly believe that more people should consider preparing their will at an early time. Don’t wait for that time when you’re at a hospital bed to consider making one. 


So when should you explore writing a will? 

1)   You’re aged 21 or older

2)   You have started acquiring assets such as, but not limited to, bank account, vehicle or property 


And why should you be writing a will?





1)   You can never tell when a mishap might suddenly take your life. Look at the news. Everyday, somebody dies because of something unexpected. 

2)   And if something unexpected does happen to you, having a will provides security for your properties --- proper distribution of your assets based on whom you want to appoint as beneficiaries. Without a will, your assets will be distributed according to the law.

3)   For love of your family. The will is mainly for those people you will leave behind when you pass on.  It gives them access to your assets that can greatly help them or be their core source of survival. Even if you only have 1 bank account and 1 vehicle, don’t you think these can be of significant value to help your family survive when you’re gone? Without a proper will, it can take years for them to take benefit from your assets. What if they urgently need some money?

4)   Prevention of family disputes. I’m sure you’ve heard of family members fighting against each other due to properties or wealth left behind by another family member. With a will, your beneficiaries are properly specified and distribution of assets will be executed according to your wishes.

Assets distribution based on the law if there is no valid will 


5)   Charity. If you happen to have no immediate family or you simply want to help more people, your will can also benefit charities and other social welfare organizations. It’s not the value of your property that matters but the fact that whatever you own can nurture or save lives. 

6)   It will give you a sense of peace. I’ve always been worrying about so many uncertainties of our daily lives. I know that the will won’t protect me from accidents but it ensures that my family can benefit from my assets. 


How much will it cost? It starts at RM480 but this also depends on how many clauses you want to indicate in the will. Anyway, it’s also relative to the assets you have. No matter what, the price will definitely be a very small fraction of your total value. After all, if you can afford to pay for your monthly car installment for 5 years or more, then the cost of writing a will shouldn't hurt much.   


You don’t need to be wealthy, dying or old before writing a will. If you believe in the concept of having insurance, then having a will once you start acquiring assets is basically the same. We buy insurance to prepare for accidents and death so does writing a will. 


If you value the hard work you’ve invested to acquire whatever assets you have now and if you care for your family, I strongly suggest being prepared for the worst. Don’t get me wrong; I accept that life is uncertain but I believe that life is great!  


If you want to understand more, get in touch with Ms Yvonne Sin at 012 271 9311 / 013 271 9322.  She made it very easy and manageable for me. You can also visit www.rockwills.info for details.