IN the hustle and bustle of everyday life, planning for the future is often overlooked.
As we grow our assets and build our families, it becomes vital to ensure our wishes are carried out after we are no longer around.
Securing your legacy means making sure your values and the wealth you've accumulated during your lifetime are preserved and passed on according to your wishes.
Wills and ‘wasiat’ are legal tools that safeguard your legacy and provide for your loved ones.
These documents allow you to express your wishes regarding the distribution of your assets after you pass away, whether it’s your savings, property, or possessions.
From an Islamic perspective, the 'wasiat' instrument holds special significance even with Faraid laws in place.
Maybank Trustees Bhd chief executive officer Nor Fazlina Mohd Ghouse emphasises, "A 'wasiat' ensures the continuation of your good deeds and upholds your wishes beyond your lifetime."
Essential estate planning for everyone
One misconception is that estate planning is only for the wealthy.
In reality, anyone owning assets will benefit from having a will – it guarantees your wishes and loved ones are taken care of, and no one is left in a lurch.
Nor Fazlina explains, "As a testament to your values and desires, wills provide clarity and peace of mind to those left behind during an already challenging time."
Estate planning ensures your wishes are legally binding and allows you to appoint a trusted person to manage your affairs.
This person, the executor, will ensure your assets are distributed accordingly and any outstanding debts are settled, avoiding potential disputes among family members.
For parents with young children, a will is particularly crucial. Nor Fazlina highlights, "It allows you to appoint guardians to take care of them and make important decisions on their behalf."
Using EPF for estate planning
EPF Account 3 funds could be withdrawn for any purpose.
If financial constraints are a consideration, one could opt to utilise a portion of this fund for their estate planning purposes, making the process more accessible and affordable.
Seek professional advice today
Nor Fazlina notes, “Many avoid writing a will —maybe it’s culturally taboo or the process may not seem straightforward.
“However, there are affordable, basic wills available. For complex family dynamics or specific wishes, professional services can assist in drafting and customising the will to suit your needs.”
While estate planning may seem daunting, seeking advice from professionals ensures your wishes are translated into a comprehensive and legally sound plan.
At Maybank Trustees, a dedicated team guides clients through the estate planning process – from simple, traditional will drafting services to innovative trusts – offering bank-backed expertise and peace of mind every step of the way.
In conclusion, estate planning is a crucial part of preparing for the future. As Nor Fazlina puts it, "Take the necessary steps today to secure tomorrow, because it's never too soon to start."
Don't wait – take action now. Contact Maybank Trustees at mtb.bd@maybank.com or visit maybank.my/trustees for expert guidance and peace of mind.
