Common Mistakes When Writing a Will (5)

Some clause are compulsory in a valid Will. You might think any extra clause in your Will cost you more money. However, if there's lack of those compulsory clauses, it will cost your beneficiary more time and money at the end of the day.

Have A Residual Clause
If you do not include a residuary clause, any assets not listed in your Will must be distributed in accordance with the laws of intestacy in Malaysia. This clause also ensures that any asset that you acquire after you have written your Will is distributed and saves the hassle of rewriting your Will all the time.



HOW TO PREVENT THIS – use a good template and checklist when signing your Will. You may want someone else read through your Will before you sign.

BEST SOLUTION - contact me @016-6825195, we will always make sure your will is well written.

Review And Update Your Will
Things change in your live as well as the lives of your executor, guardians and even beneficiaries. Therefore it is important to review and update your Will every few years to make sure it still reflects your wishes. This is also to ensure that your executors and guardians are still suitable choices now.

An updated Will also make your executors job easier. Otherwise they could be wasting valuable time and effort tracking down assets that no longer exist. They may not be aware of newer assets you acquire after you written your Will.

HOW TO PREVENT THIS – Have an annual reminder to review your Will. Write it on your calendar and make an appointment with yourself to review your Will.

BEST SOLUTION - contact me @016-6825195, we will have a free book for you!

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Source:
1. LegalWillsMalaysia.com - 10 Most Common Mistakes When Writing a Will, and How to Avoid Them