We have been hearing and reading articles online and offline about the importance of having a Will (Wasiat) document. Also, there are more financial institutions raising awareness on the importance of having a Will (Wasiat) done. Many are asking “Must I Have a Will (Wasiat)? Do i really need a Will? Some are even wondering “Is it something commercial? latest trend?”
Well, here are some simple reasons WHY one should have a Will / (Wasiat):
1. Leave no Mess – Make it Easier for your family
Having a Will (Wasiat) document in hand, it definitely help reduce the burden of your beneficiaries in running the administration works. With the Executor being pre assigned as per the Will (Wasiat) document, it will also ease a lot of unnecessary time and cost when come to the estate administration. It is very much about the paperwork and procedures which your family have to go through. From getting the legal documentations, to getting the money out from your bank account, getting the ownership of properties to be transferred etc etc, it can be frustrating!
2. Reduce Family Squabbling
A comprehensive estate plan may reduce the risk of such conflict in the grief-ridden weeks and months following your absence. While this may not turn out to be your most enduring legacy, it’s sure to be a welcome relief for your loved ones. The last thing you want is squabbling among your loved ones, over your estates.
3. Family members who needs Special Attention
Your estate plan will help provide security for your heirs, especially those who cannot reasonably be expected to care for themselves now or in the future. For example, young children, special needs children, parents of spouse who are not working and someone who has always been depending on us, be it financially or physically.
4.Guardianship for the Minor
If you have minor (children below age 21 – for non Muslim, and below age 18 – for Muslim), you need to consider the risk in case both you and spouse pass away together. Who will be the legal guardian for your children, who will have the rights to access to the money which you have leave behind for your children, who will take care of your children’s well-being, education and so on? Meanwhile, of special attention to the Muslims, do take note of the Islamic Family Law (Enactment 2003). It clearly explains that the Guardianship for a minor is his/ her father. In the father’s absence, it will fall under the father’s father (grandfather). In the absence of grandfather, it will fall under the executor appointed in father’s Will (wasiat), and so on. Therefore, if you (as a father) has in mind who you wish to appoint as the guardian for your minor, you have to have it appointed in your Will (wasiat) document.
5. It is for yourself – in the event of Incapacity
Your estate plan need not lay dormant until your death. Your plan should include a healthcare directive and power of attorney designation to ensure that your wishes are faithfully and competently executed should you become incapacitated or incompetent to make legally binding decisions.
6. For Your Assets To Be Passed to the Capable Hands
In your absence, who would be that One Person whom you can trust to handle your money and assets? Be it an individual (could be your spouse, brother, sister, son, daughter etc) or a Trustee Company, it is your responsibility to appoint this very important role who can deliver your estate instructions.
7. Provide Protection From Creditors
Especially for those of you, business owners and entrepreneurs, who have business set up, it is important to have your estate planning done using the right tools, to protect your family from the creditors.
8. Peace of Mind
Well, on top of all the above reasons, lets accept the fact that death is just a matter of time. It will happen to everyone of us, sooner or later. There is no so called “when is the perfect or the right time to have a will (Wasiat) done. Truly, no one knows when will “things” happen. Death is not about the age and it doesn’t mean that young people will not die. So, why not have your estate plan document done have a Peace of Mind ?!
In BRIEF,
Well, the nice thing about setting up an estate plan is that you only need to do it once. To take note, a proper estate plan requires on going review and maintenance as circumstances change. However, the actual effort involved in creating the structure of your estate plan need only be expended once. Thereafter, you and your family are free to focus on the more enjoyable aspects of life together — knowing that, should the unthinkable come to pass, those who survive you will be well cared for.
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