“Estate planning is for the wealthy, elderly, or those with complex assets” – this statement couldn’t be further from the truth. Here’s why:
Myth 1: “I’m too young for this”
Wills are legal documents that outline how assets should be distributed after one’s passing. While discussions around inheritance can be uncomfortable, addressing these topics head-on is essential – no one should be apathetic about matters that will eventually affect us all.
Maybank Trustees Bhd chief executive officer Nor Fazlina Mohd Ghouse shares, “Many people think, ‘I’m too young to write a will,’ or believe they have plenty of time before needing to worry about it. The reality is that death is inevitable — it’s not a matter of if, but when and sadly, the ‘when’ can come at any moment.”
This is especially crucial for those with children - setting up a will not only ensures your assets are directed where they’re needed, but also ensures guardianship arrangements are clear.
Myth 2: “Only the wealthy need this”
The truth is, anyone who owns assets — whether a modest savings account or a sizeable portfolio — should have a will in place. A clear plan prevents family disputes and ensures that your intentions are honoured.
Nor Fazlina further explains, “It is a testament to your values and desires, providing clarity and peace of mind to those you leave behind during an already challenging time.”
Myth 3: “Too complicated and expensive”
While some believe that creating a will is costly or difficult, this is often not the case. Basic wills are affordable and options like using EPF Account 3 funds or negotiating a suitable payment plan, can make estate planning more accessible, allowing individuals to secure their legacy without financial strain.
For those with complex situations, professional services can simplify the process and ensure that your will is customised to suit your specific circumstances.
Myth 4: “Faraid will sort it out”
‘Will serves as your voice after passing, allowing you to appoint an executor to manage and administer your assets and liabilities (collectively known as your estate).
This process must occur before the distribution is made to the Faraid beneficiaries according to Faraid law, or according to your wishes*.
Myth 5: “It goes against cultural beliefs”
Cultural beliefs can often make the topic of inheritance taboo. However, having a will isn’t about focusing on death; it’s about protecting your loved ones and sustaining harmony.
Proper planning means fewer conflicts and clearer direction for your family, who would not need to second-guess your wishes.
Take action now
Estate planning provides peace of mind, protects your loved ones, preserves your values, and respects your wishes when you’re no longer there to speak for yourself.
Fazlina advises, “Take the necessary steps today to secure tomorrow, because when it comes to estate planning, it’s never too soon to start.”
Contact Maybank Trustees at mtb.bd@maybank.com or visit maybank.my/trustees for expert guidance.
*Subject to the Faraid beneficiaries’ consent.
