What is wills and how is it important to have one?
A lot of people put away the thought of writing a will because they are often associated with death. Like it or not, there are actually a lot of repercussions if you do not write a will especially legal ones where it would determine how much and what do the beneficiary will receive when you are gone.
There are a lot of procedures involved at the event of a person’s death and the management of the deceased’s assets and property would be one that requires a lot of time and effort. Hence, a will can ensure that the process are less painful and do not take up too much time. A will can provide comfort to those who are inheriting the assets and avoid any misunderstandings and dispute.
When a person pass away, they might have some outstanding payments that need to be sorted out and hence, the family will benefit through a speedy process to free up cash and solve these issues instead of waiting for the process to complete.
So what is a will? Basically, it is legal declaration by a party who nominate another to manage his estate of assets after his or her death. Referred sometimes to as a testament, wills were historically used only for property and real estate but today, it encompasses all other belongings that include cash, accounts, shares and others by the deceased.
There are several types of wills which are used around the world and this include nuncupative wills which are sometimes known as non-culpatory wills, holographic wills whciha re written by the testator, self-proved wills, notarial wills which is common in the United States, mystic wills which are usually sealed until the death of the person, serviceman’s will, reciprocal wills, unsolemn wills and wills in solemn form.
One of the biggest problems faced by beneficiaries is with the time taken if a will is not in place. Therefore, it is essential that you have a will written to expedite the entire process so that there will be no problems arising then.
Writing a will is something that every adult must do because the law requires an administrator to be appointed upon one’s death if there is none. This means that all the assets will be frozen and there would be costs and time taken before the rightful beneficiaries receive what they are supposed to.
Such delays will only result in more heartache and frustration when a will is not written and this is a common thing among Malaysians today. Many of them assume that the assets of their loved ones will automatically go to them after they passes on and while this might be to a large extent true, without a legal will, it would take longer and involve more costs.
Inheritance is a logical perception among most people but when it takes longer than expected, one would have to undergo more processes and this is made more complicated and frustrating when there are outstanding payments and debts to be cleared.
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