Why do you need a Will? How do you want your assets to be distributed when you are no longer around? Estate planning is, in fact, a critical financial and legal process that many individuals and families often overlook or delay. Many of us do not realize that under Malaysian law, when a person passes away, all the assets owned by them will be frozen. Hence, the primary objective of estate planning is to ensure that your wealth is managed, preserved, and distributed according to your wishes. In this article, we will explore the essential objectives of estate planning, shedding light on why it is a crucial aspect of financial well-being.
Asset Protection
There are many reasons and worries that motivates a person to write a Will. One of the fundamental objectives of estate planning in Malaysia is to ensure that the distribution of assets is carried out in accordance with Malaysian law. This means that the testator can specify how their assets should be distributed to their intended beneficiaries.
Saves time & Costs when applying for Grant
Believe it or not, the cost of applying for a Grant of Probate in Malaysia can be significant. When the testator dies testate, the process for applying for a Grant is usually more straightforward, leading to potentially lower legal fees. If the executor named in the Will, with the guidance of a lawyer, efficiently carries out the testator’s wishes, it can result in cost savings for the estate.
Prevention of dispute
Ever wonder why families contest over a testator’s assets? This is often because the testator has not clearly stated their intentions. Having a Will that clearly outlines the distribution of assets can minimize family disputes. When beneficiaries understand the testator’s intentions, there is less room for misunderstandings and disagreements, ensuring that the testator’s wishes are respected.
Conclusions
Understanding the objectives of estate planning in Malaysia is crucial for individuals and families to secure their financial future and protect their loved ones. By working with our company’s professional legal advisors and estate planners, you can develop a comprehensive estate plan that addresses your specific needs and objectives, ensuring that your legacy is preserved, and your loved ones are taken care of in the way you desire.
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https://calendly.com/finex-and-co-legacy-advisory/tea-talk-with-legal-expert
