Benefits of having a valid Will
Preparing a Will that is properly planned, drafted, dated, signed, and witnessed has many benefits.
1. Testator is free to appoint his or her executor of choice
You can choose an executor who you trust and who will respect your wishes and execute your estate with integrity. If you die intestate, any person with an interest in your estate may apply to become the administrator. All the beneficiaries must agree on the applicant; expressed consent is required. Usually, this can lead to disputes and delays in the execution of your estate. Once a person is agreed upon, the beneficiaries would then need to apply for a Letter of Administration or LA.
The Probate and Administration Act 1959 grants the court the discretion to appoint an administrator. After appointing an administrator, the process of administering an intestate estate can take 2-5 years. An executor has the right to carry on with the testator’s affairs, subject to certain conditions. But an administrator has no such rights.
2.Testator decides who gets what Intestate rules might work against your wishes.
Your parents might not need to inherit your assets after you pass on. You may feel that your spouse or children need it more. If you are unmarried, you might want your partner to inherit some of your assets. Similarly, children born out of wedlock won’t receive anything if you die intestate. You might want to bequeath some of your assets to old friends, or care givers or charities.
If you die intestate, your assets might end up with distant or estranged relatives. By writing a Will, you can ensure that these people or institutions receive assets according to your wishes after your death. A Will sets out your intentions. You are free to choose your beneficiaries and determine how your assets must be distributed.
You decide, not the law.
3.Testator determines who will look after minor children
By writing a will, you can appoint who you want to be the guardian of any children under the age of 18 years. If both parents pass away, and there is no Will, there is no certainty who will be responsible for looking after your children. The court-appointed guardian may not be your first choice to look after your children.
If you have children, you want peace of mind that they will be well looked after in the event of your death. You do not want them to be moved around from person to person or from one home to another until the court appoints a guardian.
4. Distribution of assets is much faster and less costly
With a valid Will, it will still take some time for the executor to obtain permission from the court to execute the Will, but once the Grant of Probate is obtained the executor can get on with the distribution according to the testator’s will and wishes. Getting a Grant of Probate is much faster than applying for a Letter of Administration. Also, a lot of time is needed to locate, assess and value all the deceased’s assets and liabilities. Your family will need the services of lawyers, accountants, tax consultants and other professionals. These services cost money. A Will speeds up the distribution process considerably and is less costly.
5. Estate without a valid Will is open to being contested
A clear and valid Will means less chance of your Will being contested. And also lesser chances of claims against your estate. Resolving a claim against your estate or defending a contested Will can take many months or even years. And it may cost significantly more than writing and executing a valid Will.
6. Can I prepare my own Will?
It is not a legal requirement that a specialist will writer must prepare your Will. However, the absence of a valid Will can have significant consequences on the distribution of your estate and your loved ones. A specialist will writer who is familiar with the Malaysia Will writing laws can explain the legal formalities that your Will has to comply with. You can discuss your wishes and the implications of your wishes on your families’ finances with a specialist will writer. A specialist Will Writer with knowledge of the law of succession in Malaysia can advise on the tax and other financial implications. It is always good to get a specialist will writer’s opinion, even if you write your own Will. You want peace of mind that your Will is valid and that your wishes can be executed after your passing on.
