When should you rewrite your Will?

Recently, I received a letter from Rockwills – the biggest will writing company in Malaysia. My Will is kept in their safe custody for my lifetime.

There are three documents in the envelope:

1. A new Personal Asset Inventory Booklet – This is a very handy booklet that let you record all your assets, including bank accounts, safe deposit box, cars, liabilities and many other stuff you probably won’t notice at all. I don’t have much use of this booklet because I store a soft copy version using Microsoft Excel, which is frequently updated. From time to time, I will print the spreadsheet on papers to be kept by my parents. Just in case of double tragedy, they will know where to collect my assets and retrieve my Will.

2. A letter from Deputy CEO of Rockwills.
There is nothing special in this letter, except that it informs me about my will-writer just in case I need to rewrite it. The professional will-writer happens to be me, myself 🙂

3. A flier titled “Since you last wrote your Will, did any of these happen to you?”. I must admit that this is a great reminder. I am regularly impressed by Rockwills’ marketing tactics. Try look for Rockwills’ advertisement in local magazine and newspaper. Most of the time, their advert stands out amongst other financial institutions’.

Let’s get back to the content of the flier:

Is there any change of marital status (married, divorce)?

No. I am still married. Luckily my wife is still madly in love with me.

Is there any change of your executor status (migrate, death, relationship breakdown, incapacity, bankrupt)?
No. Rockwills Trustees Bhd. is my executor and trustee. A company won’t die right?

Is there any change of your guardian status?

No. They are still around, and healthy.

Is there any change of mind with regards to your beneficiaries (children reach the age 21, different beneficiaries)?
No.

Is there any change of witnesses status?
No.

Is there any new family member (new born child)?
Yes. I’ve got a cute little son.

Is there any substantial increase of wealth (started a business, purchased properties)?
Yes. We booked a shoplot. I also have some small businesses online.

So, should I rewrite my Will because there are two “yes” above? I don’t think so. My previous Will still manages to cover everything, including the changes mentioned above. You might be curious about why I don’t need to rewrite my Will. It is because I’ve got it done right at the first place. It is not necessary to rewrite my Will unless I really change my mind on the beneficiaries. If that happens, I might have serious family problems.

My next financial move is to set up an incentive trust for my child (and future children). I’ve just got my insurance proposal approved. It will be used to fund the living trust.

About The Author

KCLau

personal finance author and trainer

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