Saying that you can write a will at any point in their lives is not exactly accurate, but once you’re over 18 years old, it’s a possibility in most places. However, not many people have assets to will as young adults. When’s the perfect time to write a will, then?Things to Consider
Having not much wealth (yet) isn’t a reason to not write a will. As long as you have at least one thing that has a significant value you should have a will, even if the item is just the run-down, sub-sale house you’re living in. It is important that you state clearly who that house is going to go to.
Also, in Malaysia, you have to be the age of 18 and above (21 [...]
Malaysians, or Asians in general, don’t like to talk about death, much less their own. Unfortunately, our lives are finite, and we will definitely leave one day. Wouldn’t you like to ensure your loved ones are well cared for with your worldly assets when that day comes? That’s what wills are for.About Wills
A will is a legal document that is used to declare your intention to distribute your property and assets, but it only takes effect after your death. It makes it easier for your beneficiaries to receive your assets when you pass on. For those who own property, a will is an important part of estate planning.
When you make a will, you can also appoint [...]
Should you buy your kid a home? And if you decide that you should, how should you go about doing it? As with many things in life, there are many ways to go about it.Fully Fund the House
The most difficult for you, and the easiest for your child, is to fully foot the cost of the house on behalf of your child.
Perhaps the unit in question was bought much earlier as an investment and paid off as your child grew up. Or perhaps you decided to help them buy a brand-new home as a going-away gift. Either way, this course of action heaps all the financial responsibility on you, and none on your child.Use the Hire-Purchase Principle
It might go against your Asian values [...]
Having kids is the next step in your marital life. They’re cute, adorable, lovable…but also extremely expensive. Kids will be a constant drain on your resources for the next two decades, so you’ll have to plan well before you have them.
Here are some things you should do before welcoming a new addition to your family:1. Prepare your budget for an increase in expenses.
RM1,500,000 is the daunting figure quoted by personal financial management coach Yap Ming Hui on the cost of raising a child up to tertiary education level. That’s RM68,000 a year, and the number spikes up if you’re planning to have a doctor-to-be trained overseas.