Different circumstances call for different wills for Malaysian couples
Many people have opinions of the best type of will for Malaysian couples in Malaysia. As there are several type of wills in Malaysia, it’s a little bit hard to place and decide which ones are the best ones.
For Malaysian couples, there are a few types of wills they can consider having. Here are a few types of wills Malaysian couples can consider.
1. Basic will
This is the simplest and most straightforward will most Malaysians can and will consider. As its framework is comprehensive and easy to comprehend, many couples tend to opt for this kind of will.
In a simple will, the contents are pretty straightforward. All you need to include are your trustees and your beneficiaries. In a simple will, you’ll include all your assets and how it is divided up between your beneficiaries.
You can have a lawyer to legalize this simple, basic will so it will be harder for 3rd parties to contest it. Although non-legalized wills may not hold as much power as a will that is legalized by a certified lawyer, it’s still valid nonetheless. You can also edit the will every now and then when you have acquired new assets or let go of some.
2. Testamentary will
A testamentary will is one where you place some assets into a trust for the benefit of your beneficiaries. You will then name a trustee to handle your trust for you. It’s useful when you have beneficiaries who are minors or underage and you’ve passed away before your time.
As you may pass away before your beneficiary (your children, for instance), you may not want them to handle the assets on their own for very logical and understandable reasons. In this case, the appointed trustee will guide and look after how your assets are managed until the minor beneficiary become of legal age.
In this kind of will, you can put assets in the trust and place certain terms and conditions on the inheritance. It’s kind of like a step-by-step guide except in the form of a will or trust. In this kind of will or trust, you can say by a certain age, the minor beneficiary can inherit some assets and whatnot. By a certain age, the “minor” beneficiary would have inherited all of their shares in the will.
3. Joint will
A joint will is one that mirrors each other. This is the other most common will for married Malaysian couples. Also known as a mirror will at times, it is executed by spouses in favor of your spouse to inherit everything.
The terms in a joint will cannot be changed at all. Not even the executor, beneficiaries, trustees, and other provisions can be changed in a joint will. If one of the spouses or testators passes away leaving behind their spouse and family, the remaining spouse also cannot change anything in their own will.
As a joint will is inflexible, it can be problematic for surviving spouses. As their wishes may change after their spouses have passed away, there isn’t much they can do to change their side of the will.
4. Living will
A living will is another kind of will married couples in Malaysia should consider having. It has nothing to do with distributing your property after your death. However, a living will is for when you are incapacitated and for you to choose what medical treatments you want to have.
In the very same living will, you can also name someone to make decisions on your behalf. You may have more than one kind of will that coexists with other existing wills. They can both be valid as different wills serve different purposes.
Bottom Line
Having the help and assistance of a lawyer when it comes to writing a will and legalizing it is important. If you are a married Malaysian couple and are looking for assistance in will writing, feel free to contact us today.
