Hmmm… I really don’t know how much I can write about this… Cos it’s quite simple…
Doing a will in preparation for the future is quite a simple task.
The problem is that,
1) it’s like insurance. There’s no real urgency. Most people will do it tomorrow…
2) Some people are pantang, or superstitious.
3) People don’t know how to distribute their assets so they just leave it to the “default”, which is to die intestate, which means just follow the default formula.
Ok, so what happens usually.
First, there is the house. Most people have a Joint tenancy when they buy their property.
This means, when one party dies, the remaining value of the asset goes directly to the other party.
This also means it’s not possible to will the value to anyone else.
Alternatively, we bought our property under tenancy in common, which means we CAN will our property to other people, or even sell away our part …