A well-drafted will ensures your assets are distributed according to your wishes, preventing disputes and delays. However, many Malaysians make critical mistakes that can lead to legal issues. Here are some of the most common mistakes and how to avoid them.
1. Not Having a Will
Without a will, your assets will be distributed based on Malaysia’s inheritance laws, which may not align with your wishes. This could leave some loved ones unprotected.
Avoid This: Write a will as early as possible to ensure your intentions are legally documented.
2. Choosing the Wrong Executor
An executor handles the legal process of distributing your estate. Many appoint a close family member without considering their ability to manage legal and financial matters.
Avoid This: Choose a reliable and capable executor. Consider a professional executor for smoother estate distribution.
3. Not Updating the Will
Life changes—marriages, divorces, new children, or new assets—can make your will outdated, leading to unintended consequences.
Avoid This: Review and update your will after significant life events to reflect your current situation.
4. Using Ambiguous Language
Vague wording can lead to legal disputes among beneficiaries. Common errors include:
- Not listing names, e.g., “my siblings” (which can be unclear if family structures change).
- Not defining how a shared property should be handled.
Avoid This: Use clear, precise language and consult a legal expert to prevent misinterpretation.
5. Overlooking Debts and Liabilities
Many people forget to account for outstanding debts, which can reduce the inheritance left to beneficiaries.
Avoid This: List all liabilities in your will and plan for their settlement. Consider life insurance to cover outstanding debts.
6. Not Accounting for All Assets
Some assets are commonly overlooked, leading to confusion during estate distribution.
- Overseas properties may require different legal processes.
- Joint bank accounts may not automatically go to the intended heir.
- Sentimental items can cause disputes among family members.
Avoid This: Make a complete list of all assets and specify their distribution clearly.
7. Not Naming a Guardian for Minor Children
If both parents pass away without naming a guardian, the court decides who will care for the children.
Avoid This: Appoint a trusted guardian in your will to ensure your children’s well-being.
8. DIY Wills Without Legal Guidance
Many people attempt to write their own wills without understanding legal requirements, which can result in an invalid document.
Avoid This: Consult an estate planner or lawyer to ensure your will is legally sound.
How DWS Can Help
At DWS Wealth Partners Sdn Bhd (DWS2U), we offer digital legacy planning and comprehensive will writing services to help Malaysians avoid these common mistakes. Our online will writing platform ensures your will is legally compliant and securely stored. Whether you need to draft, update, or appoint a professional executor, our expert estate planners are here to guide you.
Secure your legacy with DWS2U—because your loved ones deserve certainty.
