Wills can come in a variety of forms. When deciding which type is ideal for your situation, you have to make sure that it is legal in the state where you reside. Regardless of which form of wills you choose, the safest and legal will is to put it in writing. Some people choose to make a video will, in which they record themselves reciting their will verbally. However, this type of will is not legal and enforceable in Malaysia. Now, what are the different types of wills?
- SIMPLE WILLS
A simple will or also known as statutory will is a common choice of wills for those who have uncomplicated assets. Through this simple will, you can appoint your own guardian for your minor children and determine who will receive your assets. Without the help of a lawyer, a simple will can be prepared by filling out a simple form that can be downloaded from a legal document website or found in a Will preparation book. However, before doing this on your own, you should familiarise yourself with your state’s law on wills. This is to ensure that your will is valid and enforceable in your state.
- TESTAMENTARY WILLS
Testamentary will are written inside your will and can be used to direct asset distribution after your passing. This type of trust is different from other trusts in which it is not actually formed until after your demise. A testamentary will transfers parts of your assets into a trust for the benefit of your beneficiaries and appoints a trustee to manage the trust. This type of will is essential if you have minor beneficiaries, special children or if you do not want the beneficiaries to manage your assets on their own.
- LIVING WILLS
Living will is different than simple will as it has nothing to do with how your assets are to be distributed when you pass away. Instead, it gives you an option as to what kind of medical treatment and/or procedures you desire if you become disabled, for example, entilation resuscitation via electric shock and many more. In fact, you may also choose whether or not you want to donate your organ and tissue after you pass away. You can also name someone to make decisions on your behalf in a living will. Living wills and advance directives are only used when a person is facing a life-threatening illness and is unable to convey their treatment preferences.
- JOINT WILLS
Joint will represent the wishes of two (2) persons into one document. In most cases, spouses execute a joint will in order for the other spouse to inherit everything. Even after the death of one of the testators, the terms of a joint wills including the executor, beneficiaries, and other provisions cannot be modified. Joint wills can be troublesome for the surviving spouse because of this inflexibility, as their intentions may alter.
- HANDWRITTEN WILLS
Handwritten wills or also known as holographic wills is a type of will is entirely handwritten and signed by the testator. However, it is advisable for you to not opt to this type of will because of its ambiguity. Although the testator may have understood the intended meaning in his will, individuals who read the will may be left in a state of doubt about the testator’s genuine intentions.
Ultimately, the type of will which is right for you will depend on your specific circumstances and situation. It is advisable for you to engage a professional will writing service to ensure that your will is legally valid in your state. Koha Digital is the next-gen fintech platform for legacy planning where it includes among others digital will writing service in Malaysia.