Myths and Truth About Will Writing
Myth: I’m too young to write a Will
Fact: The legal age to write a Will is 18 years and above. Once an individual satisfies the age criteria and has the required mental capacity (must be of sound mind), he or she is eligible to write a Will.
Myth: Will is for the rich guys
Fact: Having a Will is not dependent on one’s net worth. Individuals with modest size of assets or even one asset can also have their Wills drafted.
Asides giving instructions on how one’s assets should be distributed among beneficiaries, a Will can also be used for other purposes such as appointing a guardian for children who are minors; and can also be used as an inventory for one’s assets.
Myth: Writing a Will is expensive
Fact: The cost of getting a Will drafted could vary across Will drafting service providers. However, ARM Trustees took into consideration the diverse financial capacities of individuals based on social stratification and carefully tailored its Will drafting services to suit different individuals.
Myth: Writing a Will is too cumbersome
Fact: Writing a Will is not as cumbersome if the necessary guidance and support is provided by a competent Will drafting service provider.
Myth: Writing a will means I will die soon
Fact: The reality is that human mortality is an unpredictable eventuality which may occur at any time. Putting one’s affairs in order as soon as one starts acquiring assets is the right thing to do as it works in the best interest of the person writing a Will (the Testator) and his beneficiaries.
Myth: My family will look forward to my death if I write a Will
Fact: A Will should be kept confidential and private. It is advised that only trusted individuals who have a role to play in the process such as the executors, the witnesses and the Testator’s lawyer and/or Will Drafting Service provider should be aware of it. This reduces the possibility of any untoward development from occurring as could be the case where more persons are in the know.