Will Writing 101: What You Should Know

Disclaimer: This guide only applies to non-Muslims, as inheritance for Muslims is governed under Shariah law.

When it comes to planning for the future, you’re not only looking out for yourself but also your loved ones, even after you’re gone.

That’s why having a will is so important, and it’s not just a practise for high-income earners!

Before we break down the will writing process, let’s understand what it is. 

So, what exactly is a will? It’s a document that notes exactly where you want your assets and money (also known as your estate) to go after you pass away.

Having a will can create a clearer path for your loved ones, so they know how your assets will be allocated. It makes the entire process less complicated for them.

Now that we’ve explained what a will is, here’s a simplified guide you can follow so you know what to prepare;

The first step is getting all your assets on paper. Here are some common examples you can include: 

• Funds: Cash, investments, insurance policies/takaful certificates, and bank accounts
• Property: Residential or commercial land
• Businesses: Any company or business you own
• Personal Valuables: Jewellery, vehicles, etc.

After you’ve listed your assets, the next step is deciding who will inherit them. You should also include your beneficiaries’ full names and NRIC numbers in your will. 

Your beneficiaries can be;

• Family members
• Spouses or unmarried partners
• Friends
• Charities
   

Once you’ve chosen your beneficiaries, clearly note which asset goes to which person. It’s best to write everything down to avoid any potential misunderstanding happening down the line!

Remember these important things when selecting your beneficiaries:

• Appoint a guardian if you have children below 18 years old.
• Insurance pay-outs will go to whoever you’ve nominated under your policy.
• You need to nominate a beneficiary through the Employees’ Provident Fund (EPF) to ensure they can easily access your account after your death.
   

TIP: If you’d like to nominate a beneficiary for your AIA insurance policy, you can download and fill out the form here. Alternatively, you can ask your Life Planner for assistance. 

After selecting your beneficiary, the next step is hiring an executor. They will handle and distribute your estate according to your will.

You should pick a third party (usually a lawyer or accountant) – someone who does not personally know you or your family – as an executor. Doing this is another way to avoid potential misunderstandings or disputes.

You can choose any of the following options to create your will:

a. Write It Yourself

According to Malaysia’s Wills Act 1959, you can write your own will as long as you meet the following criteria;

• At least 18 years old
• Be of sound mind
• Have the will signed by you and two witnesses
   

b. Hire A Lawyer

Find a legal professional who specialises in will writing. Lawyers can also store your will for you, saving you the hassle of locating it if you need to update it.

c. Consult A Bank Or Will Writing Service

If your will is straightforward and you have no complicated family relationships, you can consult a bank or will writing service that can write it for a reasonable fee.

Once you’ve written your will, print it out and have it signed by you, along with at least two witnesses. Remember, your witnesses cannot be your beneficiaries.

So, you’ve finally written and signed your will! The last step is to store it for safekeeping. Remember, your executor should also know where it is!

You could keep it in a safe or hire a will custody service to store it until your passing.

Drafting a will ahead of time can save your loved ones from the complications of dealing with your assets after you’re gone. It’s also a crucial step in legacy planning. 

Writing your will isn’t the only thing you can do to protect your legacy. It’s just one step towards preparing a secure future for those you care about the most. Start today for a better future for your loved ones!