Writing a comprehensive Will is important where a testator should list down all his assets. Having proper details of each assets are important, for example the details found on a title deed or the S & P agreement of a house. The testator can also put in a residuary clause in his Will to include assets that are acquired in the future or any future inheritances. liquid as well as illiquid assets. Examples of liquid assets are savings account, investment account, fixed deposits, unit trust funds, shares and bonds. Examples of illiquid assets are landed properties, land tracts, collectibles, vehicles and jewelries.
What if there is a Will but it is not comprehensive enough?
Well, the executor of the Will is going to be saddled with the difficult and complicated task of trying to understand and comply with all the instructions written in the Will.
The executor may even have to do some intensive and extensive investigation work not unlike the character Sherlock Holmes, to gather all information pertaining to the deceased person’s estate.
Nobody can put a time estimate on how long this process would take, which could be years. On top of that, the executor may even have to engage a third party to do the search to locate all the deceased person’s assets and incurring unnecessary expenses in the process. It could be years down the road before some assets are discovered. There is also a high possibility that some assets would never be found, remaining hidden forever. This is not an unusual situation as it has been reported that there is RM42 billion of unclaimed assets in existence.