Basically, there are 4 places where one could choose to write a will. Each comes with their unique attributes. Here, I’ll list down their key considerations and out of which, you can refer to them and decide which is most practical:
1. Do-It-Yourself (DIY) Wills
Yes, we can save costs by writing our own wills. Today, we could find tons of will templates online and use them as a guide to will writing. But truth to be told, in most cases, we won’t do as such because our knowledge on this area is limited. There may not be a sense of “security” as we are talking about 6, 7, or 8-figures of financial assets.
Pros: Save costs.
Cons: Limited knowledge on estate planning (Laws, real estate, finance … etc).
2. Law Firms
Some choose to engage a lawyer to write a will. Such could enhance confidence as qualified lawyers are expected to have sound legal knowledge on this matter. Today, most law firms may list “will writing” as one of their service offerings but would generate revenue or margins from other legal activities such as litigation, conveyancing and contract preparations. Thus, it is likely that law firms may not offer “will writing services” on a regular basis.
Pros: Sound legal knowledge on will writing matters.
Cons: Frequency and efficiency in carrying out estate planning services.
3. Will Writing Companies
Today, it is common to have a will written with a will writing company. Typically, will writing companies recruit will writers (mostly financial advisors & insurance agents) to undertake will writing activities. Many of these financial advisors and insurance agents would sign up as a will writer because this activity could be an “opener” to selling various financial and insurance products. Hence, it is normal to find that will writers do not generate bulk of their income from “will writing” activities alone as their bread-and-butter is not exactly will writing.
Pros: More efficient approach to offering will writing services than law firms.
Cons: Many will writers are not exactly “full-time” in their will writing practices.
4. Trust Companies
Trust companies are established to cater to a rise in demand for specialised and customised estate planning services in Malaysia. They are operated by a diverse team which is equipped with strong legal and asset management capabilities. It enables trust companies to offer integrated wealth management solutions.
Currently, we are representing two trust companies namely,
- RHB Trustee Bhd (bank-banked trustee company).
- Zico Trust (M) Bhd (strong in legal capabilities).
Their unique attributes allow us to mix-and-match and offer highly personalised estate planning solutions that cater to our clients’ financial needs.
Pros: Highly focused on estate planning solutions.
Cons: Overall low exposure in trust companies among the general public.
In conclusion, what matters in will writing are practicality and suitability to your unique circumstances. You may start exploring ideas on how you could plan out your estates by booking your next 30-minute consultation session valued at RM 500 through filling up your details below: