{"id":43163,"date":"2020-05-29T11:24:47","date_gmt":"2020-05-29T03:24:47","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=43163"},"modified":"2020-07-02T14:14:51","modified_gmt":"2020-07-02T06:14:51","slug":"online-will-malaysia","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/online-will-malaysia","title":{"rendered":"Busted! 4 Myths About Estate Planning In Malaysia"},"content":{"rendered":"

In partnership with \"\"<\/p>\n

Estate planning? Nah, I\u2019m too broke to need it.<\/p>\n

Stop right there! That\u2019s the biggest myth about estate planning. If you think that, you are not alone. Do you know that many Malaysians never get around to writing their will in their lifetime?<\/p>\n

According to the Department of Director General of Lands and Mines (JKPTG), Malaysians have left over RM60 billion in unclaimed estates. These are inherited properties left behind and left unclaimed by their heirs which the government is unable to track down, as reported<\/a> in a local news daily.<\/p>\n

If you are a Muslim, you are subject to Islamic Inheritance Law (Faraid)<\/a>, but it still allows up to one third of a person’s estate to be distributed by a will.<\/p>\n

The truth is, anyone with a car or some money in the bank, will need to start their estate planning as soon as possible. Ask yourself, who do you want to leave your belongings to if you are no longer around?<\/p>\n

Estate planning might not seem necessary if you are surviving from pay cheque to pay cheque. However, it\u2019s a myth to think that writing a will is only for the rich. Here\u2019s why.<\/p>\n

<\/span>Myth #1: I don\u2019t have millions in net worth<\/strong><\/span><\/h2>\n

Many Malaysians think they don\u2019t have many assets and hence, they don\u2019t have to think about estate planning. This could not be further from the truth. It doesn\u2019t matter how many assets you own or how much money you have in your account, the goal is to make sure all that you have goes to the right person without any hassle, when you are no longer around.<\/p>\n

If you have a car, a bank account, retirement funds, investments, home, household possessions or any other property, it would be sensible to opt for estate planning. More so, if you have someone to take care of and whose future is highly dependent on you.<\/p>\n

Upon death, all assets will be frozen<\/strong><\/div>
The key to unlock the frozen assets seamlessly is by having a will. Without a will, the estate of the deceased would have to be distributed according to the Distribution Act 1958<\/a> (amended 1997).<\/div><\/div>\n

Hence, estate planning will save them the hassle of legal issues and complicated financial situations.<\/p>\n

<\/span>Myth #2: I\u2019m too young to think about it now<\/strong><\/span><\/h2>\n

Naturally, asset accumulation is directly proportional with age. As you age, your income increases and so does wealth and asset accumulation. You might think it makes sense to wait until you retire and have a sizeable portfolio before you opt for estate planning.<\/p>\n

However, it is no secret that life can change in an instant. Untimely accidents and illnesses can happen at any age. The best way to deal with the unpleasant surprises of life is to be prepared as early as possible.<\/p>\n

It doesn\u2019t matter if you are just 35 years old and still have a long way to go to accumulate wealth.<\/p>\n

Having dependants are reasons enough. Your family and their future will be protected, especially if you have young children whose education and career, which should not be jeopardised. It is not just about having young children, but also your ageing parents, especially in the event of your untimely death.<\/p>\n

Without a will in place, assets will be frozen and since it takes a long time to unlock the estates, your loved ones will not have access to your finances.<\/p>\n

<\/span>Myth #3: I did it years ago and I am all good to go<\/strong><\/span><\/h2>\n

So, you sorted your estate planning some time back. That\u2019s great. Unfortunately, estate planning is not a do-and-forget process. You should continue to review and update it periodically. As you accumulate more assets, invest more, have more children, or remarry, you need to relook as how you plan to leave them behind.<\/p>\n

What you prefer or cherish in life will change over time so make sure all your documents are up to date. It\u2019s important to keep abreast on matters concerning your will, assets, and tax.<\/p>\n

If you continuously review and make sure your estate planning is up to date, you can reduce the family and legal disputes due to outdated asset distribution.<\/p>\n

<\/span>Myth #4: It\u2019s too expensive<\/strong><\/span><\/h2>\n

The common belief is that estate planning involves legal practitioners and hence will cost a fortune. Well, this is far from the truth.<\/p>\n

However, it is also crucial to get professional advice to make sure you are on the right track. For instance VKA Wealth Planners provides professional and comprehensive Will writing services at a very competitive price.<\/p>\n

What\u2019s more, eWill powered by VKA Wealth Planners \u00a0enables users to DIY their wills online at affordable prices accessible via http:\/\/ewill.com.my<\/a>.<\/p>\n

Currently, the eWill service is priced at RM288.00. On par with the CMCO period, there is a special discount of RM100, making it an affordable rate of RM188.00. What\u2019s more, iMoney readers get to enjoy this special discount until 31 July 2020 using promo code: EWILLIMONEY<\/div>
<\/div><\/div>\n

<\/span>What is eWill and how can you benefit? <\/strong><\/span><\/h2>\n

The COVID-19 pandemic has brought about a lot of economic and health uncertainties. It has become more crucial to make sure your estate planning and will is in tip top condition.<\/p>\n

If it\u2019s not, this is the perfect time to take a hard look at your finances and get started on your eWill.<\/p>\n

Who are VKA Wealth Planners?<\/strong><\/div>
VKA Wealth Planners <\/a>is a licensed financial planning firm that aims to provide a one-stop solution for your estate after your lifetime. They also ensure that you have a good plan to legally protect your family members after you have passed on.<\/div><\/div>\n

eWill is an efficient yet affordable solution for Malaysians under the Conditional Movement Control Order to take charge of their financial security, especially with its promotional rates.<\/p>\n

Just 3 steps to get your will sorted online with eWill:<\/p>\n

    \n
  1. Click http:\/\/ewill.com.my<\/a> and register your details on the eWill platform including details about your Executor, Beneficiaries, and Guardians<\/a>.<\/li>\n
  2. Your will be generated and sent to you via email.<\/li>\n
  3. Print the legal will and sign it in the presence of two witnesses simultaneously.<\/li>\n<\/ol>\n
    Reminder: Use promo code EWILLIMONEY by 31 July 2020 to enjoy a special discount of RM100.<\/div>
    <\/div><\/div>\n

    Take note, the service is available for all Malaysians of 18 years old and above, are residents of Peninsular Malaysia and Sarawak, and 21 years old and above for residents of Sabah.<\/p>\n

    <\/span>\u00a0Tips before you embark on eWill<\/strong><\/span><\/h2>\n