Financial planning extends to what happens to our property and assets upon death. As death is a certainty, it is wise to always be prepared. Otherwise, not only are you going to endure psychological problems, you will be further burdened with financial problems.

Advantages of Leaving a Will
Increasingly, women have careers and accumulate cash and assets, and they may also have inherited property. For married women, leaving a will is especially important when there are young children. For women who are financially dependent on their husbands, it is equally important that their husbands make a will.

Without a Will
Without a legally binding will, your loved ones, especially your children, could be left financially insecure. They (you included, in the case of a husband’s death) could be burdened with a complex, drawn-out legal battle and administrative red tape. The law will decide who the beneficiaries would be and no one would have the authority to deal with a deceased person’s estate until the court has appointed an administrator.

One of the legal complications involves applying for the Letters of Administration where the court requires two sureties to stand as guarantors for security of the administration of the estate. The surety would be bonded to the amount equivalent to the gross value of the estate. This process is usually long and tedious, especially if nobody wants to take up the surety.

In West Malaysia, if there is no will, the person’s assets are governed by the Distribution Act 1958. The act, however, does not apply to Muslims who are governed by the Islamic rules of succession.