Your last Will and Testament is a very important part of the financial planning process; it ensures your wishes are carried out after you die. Many people think they need to be old, sick or wealthy to need a Will. However, the truth is, everyone of legal age should have one. Even if you’re young, you probably have possessions that you care about!
No one can plan for death, so in the case of accidental or unexpected death, without a Will there’s no way the courts can know what your intentions were for your possessions; be it money, land, your computer or your pet rabbit!
A Will is the only way to be certain that your estate is dealt with according to your wishes. Without a Will your estate may end up being distributed by government prescribed regulations or even an ex-spouse could get their hands onto your estate!
Having a Will ensures that your family is properly provided for once you are gone. In addition a Will can protect your wealth against many taxes that can be imposed on your estate.
Why make a Will part of your financial planning?
It is a fact that three quarters of expatriates who die, do not have a Will.
If you do not take the necessary steps to make a Will, you could reduce the value of your family’s inheritance, and cause many legal problems that cost time and money to put right.
Will Writing Jargon…
Testator – the person whose will it is
Executor – the person named by the testator to carry out the terms of the will
Beneficiary – the person or group that receives assets from the deceased
Probate – the court that proves the validity of the will and oversees the executor
Bequest – the gift of personal property from the testator to the beneficiary
Codicil – a written amendment to a will
Intestate – when a person dies without a will (the opposite of “testate”)
Trust – an entity that holds assets until a later date and allows a beneficiary to bypass probate
If you feel that an International Will is missing in your life, then please contact me on firstname.lastname@example.org or give me a call on +60 17 315 7543
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Kuala Lumpur : Malaysia