From part 1 on the importance of investment, the next is- write a will.
This is especially if you have property under your name. With a will, you would have clearly spelled out what to do with your total assets should the unfortunate happen to you.
Ensure that the following beneficiaries are up-to-date:
- insurance policies
- EPF nomination
Either with or without a will, the survivors will still have to go to court. But with a will, things get moving very fast and your loved ones need not wait for years to fight it out in court for what that rightfully you want to give to them. Or if you want your assets to be divided in a certain way, you can specify whatever manner you want in a formalised will.
If A & B both have a joint account together with the title A &/or B, that means either party can withdraw, if A passes away, and the bank finds out, the money in the bank account will be frozen. There are a case in local bank whereby when B attempted to withdraw a large amount of money after A passed away, the bank attempted to call A’s mobile phone. Of course, no one answered the phone and the bank never released the money.
Many wealth or finance planners provide will writing services. Just spend a few hundred ringgit for that peace of mind- this is an expense not worth saving for.