What to consider on planning your estate

If you have decided to write a Will, planning your estate should be taken into consideration thoroughly.

Think of --

• What do you have? (movable : cash, unit trust, stock/shares, insurance, EPF etc..even your expensive jewellery, antiques, artwork..; immovable : house, shop, land etc..) And, not necessary in West Malaysia but also East Malaysia.
• What do you owe? (bank loan, house loan, car loan, tax, credit card, overdraft etc..)
• Who to give? (not only to your children or husband, maybe your siblings, parents, good friend, charity etc..)
• How to give? (periodically, in a lump sum etc..)
• Who do you trust? (to be your Guardian of your children, to be the Trustee to hold the Trust and an Executor to run all matters related to your last wishes in the Will)
  

Appointing Executor is an important decision in your Will because this person will be responsible and full authority for the administration of the deceased's estate. Therefore this person must be reliable, honest and just, also to have the time and competence to complete the process.

If you have minor children (children below 21 years old), do appoint Guardian(s). The surviving spouse is duly act as the role of a Guardian and the appointed Guardian is the substitute when both parents are not around anymore.

As for the beneficiaries, they will be someone you love in your immediate family or extended family. You can also benefit any charitable and other non-profit organization. It is highly advisable to name substitute beneficiaries should there be an event when the sole beneficiary predeceased the testator.

If you have written a Will before, you have to re-write in these circumstances :-

• Marry or Re-marry
• Change of Executor/Guardian/Beneficiaries
• Change of Assets (Start of a new business or partnership, new properties purchased or inherited etc..)
• Addition of new family member (New-born or adoption)