5 Reasons You Should NOT Get a Will Done
Throughout my legal career and having served clients from various backgrounds, it seems to me the that while a lot of them are successful in their business and corporate endeavours, most of them fail to realise or neglect to plan for any eventuality, especially their ‘untimely’ death. You see, I love listening to my clients bragging about their latest corporate achievement, business conquests or their growing investment portfolios. However, whenever I remarked, “I am very happy for you for all these growth in your wealth! Have you thought of how to protect it? Any plans to leave them as a legacy for your loved ones?” Most of them will either react with a frown or a suspicious-curious look. “What do you mean? You are not trying to sell me insurance products, are you? You are a lawyer!” they will say disapprovingly. “No, Mr. ABC. What I mean is, have you got a will written to cover all your wealth for your family?” I will usually respond.
The reaction that I get from that question usually varies; some may scoff and react, “I am still healthy and alive! What’s more, I am still busy growing my business/investment portfolio/career (take your pick)! I will do so when I have the time. You sound as if I am going to die tomorrow” to “My will was written years prior to the boom in my business/investment portfolio/career.”
I have attended some of my clients’ funerals previously; it is nothing to be proud of. In fact, at the sight of their family members crying inconsolably due to the ‘untimely’ death of these clients, it breaks my heart; I just wish I can do more for them. At the same time, as much as I want to, I can’t bring myself to be angry towards the deceased due to his/her failure to have a will done, thus leaving their family members in a great limbo. ‘Untimely’ because to these family members, some of the deceased were just in their 20s, 30s or 40s…to them, these were the people with great plans, potential and bright future ahead of them, in which they had placed their hopes on!
While it is certain all of us will perish from this world one day, death knocks on each of our door when we least or never expect it. Hence, we do not know the exact date of death of each of our death, until it happens. Having said so, that is no reason for anyone not to have their will done.
Often, clients tell me, “Planning my will with you is as if I am pronouncing my own death sentence! It’s such a sombre and depressing moment.” To which I always respond to them, “I know this may not be a pleasant experience you have to put yourself through but I assure you, once it is completed, you’ll be glad that you did.” True enough, a lot of them who instructed me to prepare their wills, would leave my office with great sigh of relief and gratitude after signing their wills. When I attended some of these clients’ funerals eventually, in their family’s time of grief, I can still assure them that the deceased had planned well, they need not worry and stare of any dark clouds of an uncertain future. Why? To those deceased clients, I usually mutter a quiet “Congratulations” to them, as they had taken that step of faith to have their wills done. It shows their great character as visionaries who care for their loved ones. If you notice the title of my article, it is purposely done in such a way, not a typo error. A will means more than just a document containing assets distribution after one’s demise…W.I.L.L stands for Wisdom Implemented in Leaving Legacies!
So I am here to offer you 5 REASONS you should NOT get a will done if :
- You are DEAD
Yes, that’s right! When you are DEAD, it is too late to get a will done! While you may (or may not) have rested in peace, your family will be left with the mess of taking stock and getting hold of your wealth. Wait, there’s more (not that you will be and can be bothered by then, anyway)…the drama of family tearing each other apart in fighting over your wealth and assets, relatives circling with intention to get their hands on your hard-earned money…oh worst case scenario, family members trying to kill each other just so that they can get a larger share of your assets! Too dramatic? Speaking from professional experience wise, it is not. In fact, there are countless of news articles that of how family members fight over the deceased’s assets due to the deceased’s failure to get a will done. Talk about family drama!
- You are BANKRUPT
You would have nothing to give anyway, as being adjudicated as a bankrupt, you will have no more assets legally and officially belonging to you. If you have, you will not be declared a bankrupt to begin with. Even if you have some assets which you stash away from your creditors and/or transfer to your loved ones to prevent them from getting their hands on these assets, you run the risk of your creditors finding out about that and eventually coming after you or your loved ones for those assets. “Are there no ways I can do so legally?” you may wonder. Well, that’s another topic for another day.
- You are NOT BOTHERED WITH THE WELFARE OF YOUR LOVED-ONES
The common lackadaisical retort I get from some of my clients is, “Oh, I guess will just transfer my assets to my parents/ siblings/spouse to take care of my assets for my children after I am gone.” Not that I want to sow discords in you towards your family members, but what if they squander most of, if not all, of your assets and leave your intended loved-ones with little or nothing? Don’t roll in your grave if your grave is not tended well and filled with weeds as your intended loved ones may not even pay any respect to you due to your neglect in planning for their legacy and inheritance properly.
Also, guess what? Your unclaimed assets by your estate will benefit, none other than, the government. I don’t think your loved ones will get a ‘thank you’ note or tax-exemption benefits from the government for that, will they?
- You are placed in a MENTAL ASSYLUM FOR THE REST OF YOUR LIFE
Never imagine that your life can easily be subjected to the mercy of the stroke of a pyschiatrist’s pen as he signs on your mental capability evaluation? Well, the law provides that as long as a professional psychiatrist deems a person as mentally incapable to comprehend the nature of his/her own actions, the risk is that he/she is not mentally fit (deemed ‘cuckoo’) to sign a will, and even if he/she does, it will be deemed void and invalid.
- You think, no matter what, that a will is too EXPENSIVE and CUMBERSOME to draw up
While it may not be cheap to get lawyers to draw up your will, it definitely does not cost you an arm and leg. One may even think of resorting to the internet for “sample wills” and do a (bad) ‘cut-and-paste’ job in getting his/her will done! Worse still, some may even resort to ‘template wills’! You may even disagree and say “Why should I pay lawyers so much for a few pieces of paper?” To you, it may just be a few pieces of paper, but every decent professional lawyer worth their salt and experience will tell you this, a will is also a labour of love and pride. A lot of thoughts of protection planning would have been involved in drafting your will by the lawyer, not to mention the time spent to understand you as a person and client and devise the best solutions for you. In short, no two wills are alike; each one should have their will specifically tailored to their own specific needs as each of our needs differ from one another. Else you run the risk of ending up being “penny wise, pound foolish”.
