Friday, August 8, 2014

Don't Let the Cost of a Will Put You Off!


Why make a will? The main reason is that it allows you to choose where you leave your assets, you can pick and choose who deserves the benefit of your legacy; it can avoid inheritance tax; and it is possible to appoint guardians, if so desirable for your children whom you trust to look after them (obviously you should obtain their consent!) it is also possible to appoint people to hold your property on trust for your children (or indeed other individuals) until they fulfil conditions stipulated in the will, for example turning 18.

Consequentially they are potentially one of the most important documents you will ever create during your lifetime. After all they decide just where your legacy goes. Although many put off making a will for many reasons the stark reality is, that although death is something most of us wish not to consider, it is a sad inevitability which needs consideration. Wills can now be made very cheaply and so this should not put you off. Some of the most pertinent reasons for making a will, and the options for producing them cheaply are considered in this article.

The benefits above are clear so why not make one? And why do so many people not? There are a few common reasons people use in justifying not making a will, most of which have little justification, especially when compared to the positives of making one/ the negatives of not. Many argue it is too morbid and do not want to consider their death. However it is a sad inevitability of life and giving consideration to the practicalities of a will can itself ensure your life has a more lasting effect on your loved ones. Some say 'I'm too young to make a will' however if you're old enough to vote and drink surely you are old enough to make a will - particularly if you have assets/people to protect. (Death and taxes are certain in life)

Others argue that it takes too much time - true you may have to contemplate just what provisions you should be making which could take time to consider but the actual process of making a will is, today very straightforward and stress free. Then you have those who claim it is too expensive. This is a fallacy; the cost of a will is cheap! 

There are three basic methods for producing a will, all of which should be very affordable.

Firstly you can write your own, although this should be done with great care. Mistakes can go horribly wrong and consequentially the, relatively small, additional expense of producing the will professionally should be considered. 
Secondly you can go to a solicitor, which can cost as little as £100 including will storage.  (not sure in Malaysia will the solicitor includes Will Custody service)
Thirdly you can go to a Will Writer who is not a qualified lawyer, but will charge (usually less than a lawyer) for producing the document but are professionals often with considerable prior experience in will writing. (Rockwills is the most well known in Malaysia)

With the above considered and the control and peace of mind afforded by producing a will what are you waiting for? If you are in a position where you have people to provide for, or you wish your legacy to go to others than would if dying intestate then you should make a will. 

This can now be done quickly, cheaply and with very little hassle.