What Happens To Your Family When You Die Without Writing A Will?
Writing a will induces an uneasy feeling in most people, which is why they tend to put it off. We don’t want to entertain the idea of death, especially when we’re wrapped up in our comfort zones, going about our daily routine. Eventually, it becomes one of those things you know you should do, but never actually get to it. You know, like joining a gym, learning French, eating more vegetables, or saving up for that dream holiday to Santorini.
But unlike the trip to Santorini, your will cannot wait. For one, none of us know what the future holds and there is really no promise of tomorrow. For another, the last thing you want after your demise is for your family members to be at odds with one another. Not only can it possibly destroy your family, your treasured estate and assets could also land in the wrong hands.
Writing a will is so important in so many ways. It protects and provides for your children and loved ones in the event of an unexpected death. It makes sure that your assets go to the person you intended it to. It ensures that all of your wishes and desires are carried out by your executor. It reduces unnecessary strain and burden among your loved ones. You avoid an arduous court case, and the list goes on.
Close to 90% of Malaysians are still clueless about estate planning. More often than not, your assets will be frozen if there is a death without a will. In 2016, for example, over RM60 billion of assets comprising of homes, lands, and cash were frozen and remain unclaimed.
So what really happens after you die? What happens in the case of an unexpected death where the deceased did not leave a will behind? How are the assets divided among family members?