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Do you need a Will in Financial Planning?

Do you need a will in financial planning?

Most people would not think about writing a will. Probably because they are not planning to leave this world that fast. But, accidents do happen.

A will ensure your assets to be distributed the way you want them to be.

Without a will, your dependents might face a lot of issues and difficulties to claim your assets. And as shared by Amanah Raya Berhad, the process can be very lengthy.

What happens if a person passed on without writing a will?

Next to my parent’s property is a law firm.

On and off, we saw groups of people, mostly siblings going to or coming out from the lawyer office with a sour and bitter face.

For those who are willing to share, they said mostly because their parents passed on without a will or arrangement on estate distribution.

So, these siblings are fighting for the assets of their late parents.

Other than fighting for the assets, these siblings also need to pay a huge sum of money as lawyer fees.

It’s sad to see this situation.

Only if the late parents had made a will earlier, these siblings:

  • will not be fighting for the assets
  • do not need to spend a huge sum of money on a lawyer fees

The importance of having a will

Seeing and hearing stories from the law firm’s client made me realise that it is important to have a will prepared.

These are the reasons why it is important to have a will prepared:

1. Giving you peace of mind

This is especially true if you have a spouse and children. Mainly because, we are worried if something happens to us, our children and loved ones can’t get access to our assets.

So, having a will prepared earlier gives us peace of mind.

2. Most probably your loved ones will not fight for the assets

With a will, hopefully, your loved ones will accept the will arrangement as you wish. And not fighting or quarrelling over the assets.

3. Your assets will be distributed according to your wish

As mentioned earlier, a will also ensure your assets to be distributed according to your wish.

Without a will, there are just too many protocols and procedures to follow.

4. A smooth and quick transferring process

A will also ensure a smooth and quick asset transferring process. And most probably, your loved ones will save on some expensive lawyer fees too.

Final thoughts

Personally, I don’t have a lot of assets except some investments. But, I am thinking to have a will. I believe it’s important to have a will especially for married couples with dependents.

Simply because I want to make sure that my assets go to the right person. And most importantly to ensure the transferring process is smooth and as swift as possible.

If you asked me ‘do you need a will?’, my answer would be ‘yes, we all do need a will’.

What do you think? Do you have a will? Feel free to leave your view and comment below.

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