The Importance Of Wasiat / Wills Writing

Fail to plan is planning to fail. A recent press report stated that there are RM40 billion unclaimed cash and assets left by the dead due to the absence of estate planning of the deceased. Why is that so? This is because most of us spent more than three quarters of our lives trying to accumulate wealth but have never considered making a simple effort such as writing a Wasiat to provide for our loved ones when we are no longer around.

SALAM RAMADHAN MURBARAK - daripada Sahabat Muamalat ANDA.

Selamat menjalani ibadah puasa dengan sempurna.

Why do we need a Will?

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.

Source: Amanah Raya Berhad.

Are Malaysian aware of the importance of Will?

Generally the level of Malaysians awareness with respects to the importance of Will is relatively very low. This is evident from the fact that 90% of Malaysians currently not having a Will .
However with the growing awareness amongst the public on the need for financial planning as exemplified by the burgeoning financial planning industry and aggressive educational / promotional activities undertaken by Will Writing service providers, the awareness index on the importance of Wills is believed to be climbing up.Supported with the growing awareness, ARB foresees that in the medium term the level of readiness of the Malaysians community in preparing a Will will pick up.