The Importance Of Having A Will

More than RM38 billion is lying around unclaimed because no wills had been made during the life time of the more than million deceased whose assets have been frozen. This is a frightening number of people who died without making a will, resulting in hardship for those left behind.

Because assets cannot be sold, utilised or shared out between the living relatives without a valid will, many properties left by the deceased cannot be claimed or touched. Hence, lands lie idle, bank accounts frozen, shares unable to besold… the list goes on. Even the Government cannot touch such properties, like prime land in Kampung Baru, Kuala Lumpur, since some of the owners died intestate (ie. without leaving a will) hence development cannot take place until inheritance claims by the heirs have been settled.

It is never too early to write a will but given the mindset of Malaysians, who think there is a feeling of finality when one draws up a will, more than 90% of eligible adults have not done so. There seems to be a "pantang" when the topic turns to doing a will, as if doing this means it is time for the person to "pass on."

Sometimes, though, through procrastination, ignorance or the misconception that it costs a fortune to draw up a will, many people have not done so. Many adults do not realise that there is a legal process to go through before their assets can be transferred to their wife or children. They presume, wrongly, that their assets automatically go to their children and spouse when they die. Because of this ignorance, those left behind may encounter endless problems.

Sometimes, stepchildren, illegitimate children, special children, estranged spouses, aged parents or relatives, long time companions, or even outsiders preferred by the deceased, get nothing after a person passes on unless a will had been made during the deceased's lifetime. There have been instances where a father, enraged by his son's high-living and irresponsible behaviour, for example, does a will leaving the reprobate with RM1 in his will. The nominal sum is necessary, to show that the father had not forgotten the son, in case the latter puts up a case that he had been inadvertently left out.

When someone dies intestate, all his assets are frozen.Their heirs then have to go to a lot of trouble getting a Letter of Administration from the High Court, before the deceased’s assets can be unfrozen, a process which may take years. Depending on the size of the estate, as well as the complexity, high costs maybe incurred. However, if a person dies testate (with a will), the High Court will issue a Grant of Probate, a process which takes between two months to a year.

Before the assets can be transferred to the heirs, all outstanding debts (if any) have to be settled before they can be distributed to the heirs. But whether a person dies testate or intestate, it is always prudent to have nominees in insurance policies and the Employees' Provident Fund because these two items supercede the will.

In fact, what many people may not realise is that any adult can draw up a will so long as he/she is of sound mind, has 2 witnesses and complies with the Wills Act 1959. But of course, some expertise may be necessary to ensure it stands up to any dispute in Court.

Most people think of engaging the services of a lawyer when drawing up a will. But professional will writers are available to do these either at their offices or even the comfort of your own home. Fees range from a mere RM380 to a higher end of RM8,000 depending on the complexities of your will.

Whilst writing a will is important, equally important is its safekeeping. Keeping a will in a safe deposit box is not a good idea because when a person dies, access to the box is frozen. Rockwills provides safekeeping of wills, which are also easily retrieved using a unique identity card system.

Just as we can be sure that death is as certain as having to pay taxes, we can also be sure that writing a will is as inevitable as death. So, for Malaysians, and for us here in Tiara more specifically, since this is being highlighted in Tiara Times, if you have not drawn up your will, now is as good a time as any to get this important business done.

For those wishing to do their wills, we have two Tiarans who can be of assistance:

1.Ms. Linnet Lee: 0SK: 012 -2 917138

2.Mr. Jonson Chong:Rockwills : 012-2961276