IT’S NOW OR NEVER (WILLS)

By Peter Lee

Recording our personal assets is something most of us tend to put off, often using our busy schedules as an excuse. But if we really think about it, it’s more about our priorities. We’re so used to saying “I’m too busy” that we rarely pause and ask ourselves:
Does my family know where all my personal assets are if something were to happen to me today?

Recently, a friend shared a tragic story that brought this issue to light. His colleague had travelled alone to Areni, Armenia for a holiday. During the final days of his trip, he was hit by a truck and later died in the hospital. What followed was heartbreaking when his close friend had to painstakingly trace his whereabouts by going through his laptop and eventually his phone as he was single.  Meanwhile, his siblings faced weeks of delay in obtaining visas due to complications before they could fly over and repatriate him  to Malaysia.

This incident is a sobering reminder of how unpredictable life can be. We don’t like thinking about such things, but it’s exactly why we must act while we still can.

If the deceased had a will, his family could have applied for a Grant of Probate from the High Court. At least then, executors would have been appointed to manage and distribute the estate according to his wishes. This would allow the family to focus on healing, instead of being overwhelmed by legal and administrative hurdles.

But if someone dies without a will (intestate), the process becomes significantly more difficult. The family must apply for a Letter of Administration (L.A.). Before that, they must obtain written consent from all lawful beneficiaries to appoint an administrator. Without unanimous agreement, the process cannot proceed. Even if this is settled, the court will then require the appointment of guarantors  who are legally responsible in case the administrators abscond with the estate’s funds. The distribution of the estate will then follow the provisions of the Distribution Act 1958 (as amended in 1997).

In most cases, the biggest challenge for families in these situations is locating all the deceased’s personal assets. With no clear records, families are left searching blindly and usually missing out on valuable assets simply because they didn’t know whether they existed.

So, let this story be a wake-up call to us all. We need to make time to:

• Write a will
• List down all personal assets, such as:
  • Bank accounts
  • Investments (unit trusts, shares)
  • Insurance policies
  • KWSP (EPF)
  • Properties
  • Motor vehicles
  • Digital Assets

Most importantly, keep these records in a safe place that your family can access if needed.

None of us know what tomorrow holds. So why wait?
Take action today. It’s  now or never.