Anybody with assets and loved ones ought to have a Will. But why do many Malaysians not have one?

According to the Star Online, there was a staggering RM60 billion worth of estates left unclaimed as at February 2016.

Today, this figure has probably gone up. So, for those who have not yet written a Will, here’s why they should.

1. Saves money

Without a written Will, the deceased is considered to have died intestate. The heirs need to apply for a Letter of Administration (LA) instead of Grant of Probate (GP).

The legal fees are higher for the application of an LA because it requires more documentation, and it takes longer to get one.

2. Your wishes are met

A Will can state the following:

• Who should get the assets.
• How much the wife and children should receive.
• Whether “souvenirs” are left to siblings, parents or members of the extended family.

If one dies intestate, the Distribution Act 1958 (amended 1997) will be followed. It lays out a standard distribution schedule, mandating how the estate is divided among the wife, parents and children.

3. Better to have an appointed executor versus an administrator

One can appoint an executor in the Will. If none is appointed, others can apply to be the administrator of the estate.

Those who are eligible would include legal heirs, creditors or not so trustworthy or “just plain evil” relatives.

4. Allows you to appoint a guardian

If there are children aged under 18 (minors), it is important to write a Will now. There is no other way to appoint the legal guardian of one’s wishes except by writing a Will.

5. No need for two sureties

Two sureties (someone who acts as a guarantor to your estate administration) are necessary to apply for an LA if someone has died intestate.

The guarantor must disclose all their assets to prove they have more than what the estate is worth.

And if, say, the son runs away with the money from the estate, the guarantor must compensate the legal heirs from their own assets.

So, once the Will is written and signed in the presence of two witnesses, who must also sign, where should it be kept?

It must be kept in a safe place where it can be easily found and accessed by the family, and the family should be told where it is.

Do not put a Will in a safe deposit box in the bank.

It is against the law for the bank to grant anyone access to a safe deposit box if they cannot provide legal proof of the administration of the estate.

This article first appeared in kclau.com

KC Lau’s first book Top Money Tips for Malaysians has sold thousands of copies. He launched the first online personal finance course specifically designed for Malaysians, entitled the Money Automation System. He also co-founded many other online financial courses including the Bursa Method, Property Method, Founder Method and REIT Method.