Selecting Key Person (Part 2)
The next key person you need to select are:-
3. Beneficiaries . These are people who would benefit from your assets. Usually, they would be family, relatives and/or friends, but it can include charity organization or anyone at all. When you choose to leave everything to only one person say your spouse, then you must have alternative beneficiaries in case your spouse don’t survive you.
4. List Your Assets . Write a list of your assets including property, bank accounts, shares, vehicles, jewellery and anything of value. This is to make sure you don’t miss out anything.
5. Who gets what ? This is where you decide who gets your assets. Besides the larger item like property or cars, if you intend to give a certain asset to more than one person, it is better to specify using percentage rather than a fixed dollar value. With inflation, RM 50,000 today is worth very little 10 to 20 years down the road.
Important point to note.
Many people overlook this when writing a Will. Imagine this situation. You want to be fair and plan on leaving a single property to be shared with a few people. The problem that might crop up later is when one party wants to keep the property and the other wants to sell his or her share. If the person who wants to keep the property, can’t afford to buy out the other party’s share, then an unpleasant situation can happen, especially if there is urgent need for money. The more people having a share, the more likely hood of this happening.
To prevent this, you can instruct your executor to sell the property and divide the proceeds.
