Research has shown, time and time again, people are most likely to set up Wills after a life-changing event. From getting married to having your first child or buying a house, these are the occasions that often prompt us to think about the future. But what does it take to get a Will, and is it worth having? At Adeline Advisor, we are Will experts and want to share some of that knowledge with you here. We hope it will help you make an informed decision around protecting your future now.
What is a Will?
A Will is a document which expresses your declaration of intentions with respect to your estate and other matters which are to be carried out into effect after your passing. With a Will, you can make your intentions clear for your loved ones to avoid uncertainties and family disputes.
Grant of probate (GP) with WiLL vs Letter of administration (LA) without WILL
WHY DO I NEED A WILL
Without a Will, your assets could be more troublesome than beneficial to your family at a time when they are most vulnerable. The distribution involved can be a long drawn process with the law or a complex battle.
Without a Will, the law will decide who your beneficiaries should be. You should never assume that your assets would automatically go to the person you want to benefit. Give them the security by making a Will and the law will protect your wishes.
DISTRIBUTION ACT 1958 (as amended by the Distribution (Amendment) Act 1997)
What should you consider before setting up a Will?
When it comes to your Will, it’s always a good idea to get professional advice from an expert.
As a starting point, we suggest thinking about the following questions:
Who do you want to be the executor of your Will?
Do you have any specific funeral wishes? This can help your family with decisions when it comes time to arrange your funeral.
If you have minor children or dependants, who do you want to appoint as their guardian?
Are there specific gifts you wish to make? Such as a gift of personal items like jewellery, or a gift of money.
Who would you like the rest of your estate to go to once your specific gifts have been made?
Why choose Adeline Advisor team?
When it comes to Wills, we know our stuff.
Before you make any decisions, one of our Client Managers can offer you a complimentary consultation – in person or over the phone – to talk through your situation, answer any questions you might have and advise how a Will can help ensure your wishes are carried out.
If you then decide to have your Will completed with us, your Client Manager will guide you through the entire process. They will draft a clear, concise and easy-to-understand Will for you.
Our Client Managers will work alongside our experienced legal team to ensure your Will reflects your wishes.
What does it cost?
The cost for setting up your Will starts from RM 800, depending on complexity.
This covers your initial consultation with one of our expert Client Managers, drafting your will, and any necessary edits after your initial draft is checked.
If you don’t nominate us as your executor, this is all you pay for your Will.
If, however, you’d like our expert team to execute your wishes after your death, our standard fees apply.