Saturday, November 7, 2009

Will.


According to Wikipedia, a WILL, which is also known as a testament, is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property after the person's death. Many people have the wrong perception about writing a will as they think will writing indicates that a particular person is going to die and this does really sound bad to those who are superstitious especially the elder generations. In Malaysia, about RM4oo billions worth assets of the deceased is frozen and unclaimed under the Law of Malaysia. Well, that is a SHOCKING amount and it is because many do not write their wills while they are still alive.

Today, I accompany my mum to attend a talk organised by the ROCKWILLS at one of its branches located at the Old Klang Road. We find the talk was very informative and I will rate it 9 out of 10. We have learnt a lot about the importance of will writing. A person can always write his or her will anytime with the help of the lawyers or will companies. It's never too early or too late to write a will, as long as you have valuable property that you want to pass it down to your parents, spouse, issues and relative when you are not 'AROUND'.

Even if you do not write a will, there is always one after your death. The will is 'written' by the government according to The Distribution Act 1958(Amended in 1997).


As you can see from the distribution table above, if you do not write a will before your death, worst come to worst, the assets will belong to the GOVERNMENT. Even the property does belong to your beneficiary, it will take up to 10 years to claim those assets. The reason? You must know that Malaysia government's efficiency of doing work is the 'BEST'. Well, if a person has a will, the whole legal process will just take couple of months.

A person without a will might cause disastrous problems after his/her death. Family conflict will arise and the High Court will decide the distribution of your property. It might not be your wish and your family will definitely split up. I am sure you have heard about the cases in which the family of a millionaire or a celebrity is fighting with each other for the distribution of the deceased's assets.

My parents have decided to write their wills. I should be grateful that I have such wonderful parents because they are not only raising me up since I was in my mum's dummy, but they also make sure I am finacially protected in the future. Mum and dad, thanks for everything. I LOVE YOU ALL.

So, are you ready to write your will for your loved ones? =)

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