I don't like to pursue my client to spend too much unnecessary expense on will writing if the clause is not a necessary issue or better not to be listed in will (funeral arrangement, etc)
However, some client would like to reduce this and that clause, which is very dangerous -- it can lead to invalid will.
I will say, I can only suggest, advice and remind. If you insist the cheaper but dangerous will, I can't help much.
5. Not Identifying Assets Adequately
Assets with legal titles are easily identified. However with assets like jewelry, paintings and collectibles, you must identify them clearly to ensure there is no ambiguity.
HOW TO PREVENT THIS -
tag items, store them with a note and take photos to identify difficult to describe items.
BEST SOLUTION - contact me @016-6825195, we will always make sure your will is valid
6. Not Taking Debts Into Account
When you write a Will, have you considered outstanding debts? If you do not make provisions to settle your debts, then your beneficiary may receive less than your original gift or nothing at all.
Your executor must pay for your final medical expenses, funeral expenses, taxes and debts first! After all these are settled, only then he or she can distribute your assets according to your Will. Your beneficiaries actually come last when it comes to receiving your assets.
If you do not have enough liquid assets like cash or cash equivalent, then your executor is forced to sell some assets to raise cash. This may affect your beneficiaries when the asset they are supposed to receive is sold.
HOW TO PREVENT THIS – list down all known assets and liabilities when preparing the Will. Make arrangements to cover shortfalls if any. You can also specify which asset goes towards paying debts.
BEST SOLUTION - Know how much money you owe to banks and other creditors. If there is insufficient cash, consider getting some life insurance to cover the shortfall.
Source: legalwillsmalaysia.com
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