by NURUL SUHAIDI / Pic by TMR FILE PIX
MORE younger people, aged between 30 and 40, are writing their own wills now, compared to the average 60 and above, says Rockwills Corp Sdn Bhd senior estate planner Chong Mok Yong.
Will is a document which expresses your declaration of intentions with respect to your estate and other matters, which are to be carried out into effect after your passing.
“The will writing is a sunrise industry and a big market to tap into,” Chong told The Malaysian Reserve in a recent interview.
“The recent Covid-19 pandemic has also helped the public to realise that life is unexpected,” he said, adding that statistically more than 50% of clients ranging between the ages of 30 and 40, in comparison to above 60 years old before.
“The awareness on will writing is stronger now,” he said.
Will writing is not a conventional business to venture into, especially when it requires a lot of time and resources to get people into writing their own will.
In fact, the subject is even considered a social taboo, up until now. Overcoming these challenges, Rockwills has been able to sustain its company as the first mover in asset planning that focuses on will writing, being persistent in building public trust and acceptance of will-writing services.
“When we first started the business 20 years ago, the awareness on will writing was still very low. As it is often associated with death, in some communities they perceive it as taboo things to discuss,” Chong noted.
“During the initial phase, we used to send approximately 200-300 faxes daily to a company’s HR (human resources) department just to get more people to notice our service.
“It was a struggle to build the brand and we received plenty of rejections for the service,” he said.
Chong added that people tend to go for the legal service for will writing as their perceived that Rockwills’ service is not valid.
“Most often, customers are either saying that they are not ready, still buying property or assets, not having property or some simply don’t prefer to discuss about will just yet,” he said.
“More often than not, incidents happen in the family that shook them up and bring them realisation of the need to write the will. Or because they need to go for medical operation and fear of not surviving. So, they write it.”
Chong believes that ideally, writing a will is important as it will also cover the estate you buy or sell in the future. It also helps with an individual’s asset planning.
“Even if they don’t have assets, they can still write a will, especially if they are married to protect the dependent or kids.”
Rockwills Malaysia has managed to gain leads through family referral, immediate network and repeat clients who are satisfied with its service. Emphasising on passion, persistence and knowledge, Chong said these are the key ingredients to sustaining the business, which has helped the company leverage better service and solutions to the clients.
An understanding of the laws is crucial. Since the business is more advisory in nature, the firm strives to be able to explain to clients which structure matches their family portfolio, needs and situations.
Will writing mostly depends on the family structure. As a willwriting provider, Rockwills ensures its business offers a personalised service based on the clients’ background and family portfolio.
“Writing a will is significant to protect our generation, dependents and loved ones. Most importantly, their generation will be able to enjoy the fruit of their labour, whether in the form of assets or wealth distribution. Will writing also gives peace of mind upon our passing.
“Typically, once we receive the necessary information, by 24 hours we will send a drafted will for the client’s preview. Once everything is agreeable, both parties will sign the will, the overall process usually takes between three and four days,” he said.
This is to ensure that the will can be delivered within a short time frame as anything can happen in the meantime.
Without a will, the assets one leaves behind will be distributed among family members according to the Distribution Act 1958. Chong added that a will helps to ensure smooth distribution of your assets within your family upon your demise.
“Nobody has the power to predict the future. So, for peace of mind, a will is pivotal to ensure your family and loved ones will get what is rightfully theirs.”
Chong encourages more young people to venture into this industry, but highlighted that they must have the passion, focus and persistence.
“Moving forward, we anticipate the business and service will continue to grow as we see the awareness has strengthened.
“These days we are aiming to do more weekly zoom calls, answering inquiries to ensure people are getting the right knowledge on will and estate planning.
“We also intend to bring in serial entrepreneurs, institution to merge together to expand the service to intensify awareness on will writing among the community,” he said.