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  • Writer's pictureTejeta

THE IMPORTANCE OF WILL WRITING

In life, we meticulously plan for various scenarios, from career advancement to family milestones. Yet, one aspect often overlooked is planning for the inevitable - our passing. Crafting a Will is not merely a legal formality but a vital step in safeguarding your assets and ensuring your loved ones are provided for according to your wishes.


The following are the few benefits of having a Will in place:


Flexibility and Control: A Will enables the designation of beneficiaries and the specification of inheritance proportions. In the absence of a Will, the distribution of assets will be in accordance with the Distribution Act 1958, which may not reflect the testator wishes and potentially leaving certain dependents with no inheritance.


Time and Cost Efficiency: A Will simplifies the process of estate distribution, the executor may distribute the assets in accordance with the Will upon receipt of a Grant of Probate from the Court. In contrast, in the absence of a Will, the Court must first appoint an administrator via a Grant of Letters of Administration and the administrator subsequently is required to obtain a Distribution Order prior to the distribution of the deceased’s immovable properties, a process that can be time-consuming and may delay asset distribution to the eligible beneficiaries.


Ease of Administration: A Will provides clarity on the assets owned by the testator prior to his death which ease the responsibility of the executor in executing the Will. On the other hand, intestacy may leave the administrator and beneficiaries great difficulties in identifying and locating assets of the deceased, resulting in delay and incurring extra costs throughout the process.


Protection of Loved Ones: Many individuals have dependents who rely on them for financial support. If access to bank account is disrupted due to frozen assets after death, it can pose significant difficulties for the dependents. Hence, leaving clear instructions in the Will ensures that funds are accessible to the named beneficiaries as swiftly as possible.


Furthermore, having a Will does not mean surrendering control of assets as it only takes effect after death. Thus, individuals maintain control and can update the Will from time to time to reflect changes in intentions or circumstances.


The importance and benefits of having a Will are undeniable. By taking proactive steps to plan for the future, you get to protect your assets and provide clarity and security for your loved ones.


Note on Muslim Estate Distribution: A person can allocate up to one-third (1/3) of their estate through a Will (Wassiyah). The remaining two-thirds (2/3) of the assets are then distributed according to Faraid (Islamic inheritance law).

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