Simply put, a will is written so that our financial assets can be distributed to our intended beneficiaries efficiently. Such financial assets include our houses, cars, bank accounts, shares, and other collectables. Commonly, they might be valued at 6, 7 or 8 figures presently.
Given such importance, what will be the price of writing a will?
The answer is – “There is no fixed price to it.”
Let me elaborate. For instance, a man has two houses, two cars, bank accounts, and a stock account. His assets are in Malaysia and are worth RM 2 million. This man has a family, consisting of his wife and two children. Hence, the question is this – “How much will it cost him to write a will?”.
The answer lies in:
- His choice of beneficiary / beneficiaries.
- His preferred method of estate distribution.
The man chooses to bequeath all of his assets to his wife upon death. So, in this case, the fee to write his will would be “cheaper” as his wishes are simple.
The man chooses to bequeath:
- A specific house and car to his wife.
- Another specific house and car to his first child.
- Bank and stock accounts to his second child.
In this case, the fee to write his will would cost “a little more” as there are more instructions to his wishes.
So, the cost to write a will is subjected to:
- Number of instructions.
- Complexity of these instructions.
Typically, a professional estate planning would need to understand:
- A client’s financial status
- A client’s marital status and relationships.
- A client’s wishes and objectives in estate planning.
- Practicality of estate distribution methods in Malaysia and overseas
From them, he or she could then work out a cost estimate on writing a will.
To get a quote, you can begin by filling your details below to book yourself a 30- minute consultation session valued at RM 500. My promise to you is: “You shall walk away with at least one key idea to secure your family’s financial future.”