There are a few things to look out for when preparing your own Will. These are the few main common mistakes that people make when writing a Will.
1. The Distribution Method
Naturally, if you do not write a Will, the Malaysian government will distribute your assets according to the Distribution Act 1958 which are usually your closest kin such as spouse and child. Most people would usually divide it equally among spouse and children, it might seem like the best possible solution for all your family members, but this decision might affect them more than you know. When you divide the assets equally among your spouse and children, reaching a consensus on how to handle them can become challenging. A deadlock may arise due to everyone having an equal share. To simplify the decision-making process, consider designating one person with the majority of shares, making it easier for them to reach a final decision regarding the assets.
2. Executor(s)
Generally people tend to just name one Executor who is younger than themselves, but what if the executor pass away before their time? Then there wouldn’t be any other executors to help out, which is why we always encourage to pick more than 1 executor, so that you have a backup if anything happens to your main executor. Especially when you have a child that is below the age of 18, the law requires you to have at least 2 executors acting jointly for your Will.
3. Beneficiary
Similarly with the issue above, naming only 1 beneficiary can be dangerous for the exact reason as above. Things may happen without us foreseeing it, so always be prepared and have a back up. beneficiary to inherit certain things in your assets. You have the option to choose another new beneficiary to inherit instead of following your residuary clause which may not be what you want.
Conclusion
Its normal to make mistakes when preparing your Will, thus the safest option would be to have a lawyer or a Estate Planning Company to write it for you. The process may be long and tedious, but at least your closest kin will be able to inherit your assets without any issues.
