Writing Wills

Few months ago, my wife and I did our Will. Cost us about RM1,200 for 2 persons from Rockwills.

Some of my friends, including my parents-in-law said we wasted so much for Wills and how we should get lawyers to do it instead. Well, I do not see it that way, you see I got a lawyer friend who can do it for free but yet I choose to pay RM1,200.

The reason is simple, we got 2 sons, both age below 2. For that we need a Trustee. When it comes to Trustee there’s a lot of questions running around my mind, for example, who will be the Trustee, what if the Trustee go before me, what if the Trustee spend all my wealth and leave nothing for my children and so on.

My father-in-law said that a lawyer can be a Trustee and when they pass away they will pass their responsibility to another lawyer. Well, think about it, if say you are the Custodian of someone children and if say the lawyer and the children’s parents pass away, how on earth are you going to find out who the hack is the next Trustee? Or say you choose the lawyer to be the Trustee (assuming you can trust him) are you going to call the lawyer every now and then to see if he/she is still alive? Even if he/she is not then are you going to find a medium, who can communicate with the after life, to talk to him/her who is the new Trustee?

For me Rockwills is quite established in Malaysia and they got their reputation. The Will writer informed me that Rockwills is like an insurance companies (not in the sense of investing your wealth but more like just a company so that your wealth with them are protected), they need to register with Bank Negara. When they do become a Trustee (touch wood!!), at least you know your children will inherit your wealth because they only pay if there is proof that your children need to spend (of course you need to pay them fees when they exercise their right as Trustee).

Anyway, the way I see it, when your children is below 21 years old (the age where they can sell/buy properties) you need a trustworthy Trustee and yes those money are well spend for the future of your children. But if your child is above 21 years old, well, you can write your own Will and ask 2 independent parties to be witness and you don’t have to spend a single cent.