A Personal Finance Blog for Malaysian: How to write a will yourself?

Thursday, September 30, 2010

How to write a will yourself?

If you want to cut cost on a professional will writing service, you can look into this website, click here.

Why people write will? I will do some research and share it in my next post.


Important words (terminology) you need to know for Will Writing:

Executor - An Executor (or Fiduciary) is the person (or organisation) that you nominate to carry out the instructions of your will. Generally you would nominate at least two executors, in case one is unavailable. Obviously it would be best to get the approval of potential executors before you nominate them in your will.

Executors can be individual people ... a friend, a relative or your solicitor, or they can be an organisation ... a trustee company or a public trustee. Beneficiaries of the will are not exempt from being Executors. Unless specified in the will; Executors cannot charge for their work.

Beneficiary - A beneficiary is a person or organization that you nominate to receive some part of your estate. Generally any organization will be a charity - it is unusual to bequeath money to an organization like McDonalds.

Guardian - A Guardian is the person that you nominate to care for your children. Legally a Guardian will only be considered when both parents are dead and the children are minors. Obviously it would be best to get the approval of potential Guardians before you nominate them in your will.

Trust - A trust can be used to "look after" funds until a beneficiary reaches a particular age or to provide a regular allowance.

As you might expect this kind of thing is beyond our website, and will probably need some expensive legal advice.

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