A Will is an important tool of estate planning as it encapsulates the Testator’s directions in relation to the administration and distribution of his/her estate.
Writing a Will is a step towards ensuring that the persons you wish would benefit from your estate will be able to inherit from the same.
A Will also helps in expediting the legal process involved in estate administration as no sureties/security deposits are required prior to the issuance of the grant of representation. It would also relieve the Beneficiaries of the Deceased from having to decide on who shall become the Administrator of the Deceased Testator’s estate upon the death of the Testator.
At the same time, a Will enables a person to choose and appoint his/her own Executor and Trustee to carry out his/her wishes and protect his/her interest as well as to appoint the Guardian to his/her minor Beneficiaries. A Will provides an opportunity for the Testator to bestow and make allocations for any special needs of their loved ones such as providing for heirs who are financially insecure or heirs with physical disability. A Will also enables a person to bestow gifts to non-family members/non heirs as well as various charities and religious organizations that the Testator may choose. In summary, having a Will enables a person to plan smooth transfer of assets to his/her beneficiaries according to his/her wishes.
Writing a Will is a step towards ensuring that the persons you wish would benefit from your estate will be able to inherit from the same.
A Will also helps in expediting the legal process involved in estate administration as no sureties/security deposits are required prior to the issuance of the grant of representation. It would also relieve the Beneficiaries of the Deceased from having to decide on who shall become the Administrator of the Deceased Testator’s estate upon the death of the Testator.
At the same time, a Will enables a person to choose and appoint his/her own Executor and Trustee to carry out his/her wishes and protect his/her interest as well as to appoint the Guardian to his/her minor Beneficiaries. A Will provides an opportunity for the Testator to bestow and make allocations for any special needs of their loved ones such as providing for heirs who are financially insecure or heirs with physical disability. A Will also enables a person to bestow gifts to non-family members/non heirs as well as various charities and religious organizations that the Testator may choose. In summary, having a Will enables a person to plan smooth transfer of assets to his/her beneficiaries according to his/her wishes.
Source: Amanah Raya Berhad.
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