Will: the need for speed
Posted on November 26, 2007
Filed Under Wills | 5 Comments
Somethings in life are predictable. I predict that a day before Christmas this year, the malls will be packed with people doing last minute shopping. It is common sight to see people rushing to do last minute shopping before any major festival.
Recently, my brother-in-law who was to travel to Australia the very next morning asked me to draft him a will. I was dumbstruck – I never expected a will to be a last minute item to “do” before boarding a flight. But apparently, he and his wife never wrote a will before. And both of them and their children are all flying together. Shivers.
As I quickly scribbled (not type) with a pen on a piece of blank paper while mustering all that I can recall as pertinent to a simple will, I wondered if many of us put the writing of a will as a last minute item.
Many people know the importance of having a will written but very few people have written theirs. Some of the reasons are that they do not have many assets, or they have a superstitious fear that it is bad luck to discuss about a Will as it is associated with death.
The truth is a will is not about death but about leaving a legacy for the family. Even if a person does not have many assets, the assets are important to his family. He can still write a Will and appoint guardians to look after his young children as well as executors whom he can trust to execute the wishes in his Will. The Will can even cater for the assets to be accumulated by him in the future. Some people give the excuse of wanting to write their Wills later or that they are still young. One is never too young to write a Will, although he/she can be too late.
Youth is no guarantee of long life.
If a person were to pass away without a Will, all his assets, including his bank accounts will be frozen. To unlock the assets, a court order is required. Without a Will, the order from the court, called ‘Letters of Administration’ may take up to two years or more to obtain. In addition two sureties are required to put up an administrative bond with the court. Usually, it is very difficult to find two sureties for the administrative bond. In the meantime, if all the assets are frozen and the family members are short of funds, especially if the deceased was the sole breadwinner, how are they going to survive?
If a Will had been written, it would take a much shorter time to get the ‘Grant of Probate’ and the need for two sureties would be avoided. The family members will have access to the funds and assets faster.
Do not procrastinate. Therefore, it is always better to write a simple Will now rather than later.
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5 Responses to “Will: the need for speed”
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Hi Joshua,
Nice to know that you have a legal blog too. i hope more and more lawyers like us is writing about laws so that the awareness can be created.
You may also consider submitting your blog to blawg.com.
JC: Yes, I have done so at blawg.com – actually inspired by the word
i am interested in writing a will. is there a template or something I can use to write a will so it will be legal?
Bengbeng’s last blog post..Of a burglar, fallen guava tree and plaster ceiling with cornice
JC: Yes there is a template for a simple will which I can send to you. But for a more complex will, it would be good to consult a lawyer you know.
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Has definatly worked for me, any1 else things the same.
Hi Joshua,
Can I have the will template? Do I need to send it to authority for stamping after writing the will? Thanks in Advance.