R3volved Blog The Importance of Estate Planning

The Importance of Estate Planning

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Estate planning involves putting a plan in place that will determine what happens to your assets after you die or become unable to make decisions for yourself. This can be a very difficult topic to discuss, but it is essential for the people that you love. Without a plan in place, the government will decide what happens to your assets and this may not be what you would want.

What is estate planning in Malaysia?

In order to create an effective plan, it is important to review your current financial situation and to update it periodically to ensure that it still meets your needs. It is especially crucial to update it after any major life event (birth, death, marriage, divorce, significant change in your finances) or whenever laws change that impact Estate planning.

A good place to start your estate planning is by making an inventory of all your physical assets. This can include things like jewelry, vehicles, artwork and collectibles, as well as possessions of a sentimental nature such as family photos. You should also include a list of your financial accounts and a complete breakdown of the assets and liabilities in each account (including debts and credit cards).

Another important part of your estate plan is establishing guardianship for any minor children you have. This is best done through your will or trust, and it is recommended that you name a primary and backup guardian just in case the first choice cannot be a good fit. Finally, you should record how you would like your assets distributed to beneficiaries.

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