In Malaysia, a nation with a population of 34 million, only a small fraction actively participates in estate planning. Despite its critical role in managing inheritance and avoiding legal complications, estate planning is not widely practiced. Superstitions and cultural taboos around discussions of death contribute significantly to this hesitation. As a result, a staggering 65 billion ringgit (approximately US$14.8 billion) currently remains unclaimed and under government management.
Amanah Raya, the government-appointed inheritance trustee, reported these figures in a publication released on a Sunday by Berita Harian, a local Malay daily. Ahmad Faizal Sulaiman Khan, the Group Managing Director of Amanah Raya, highlighted that merely 5% of Malaysians have taken steps toward estate planning. This reluctance can lead to assets eventually becoming government revenue instead of benefiting intended heirs.
"Many Malaysians are hesitant to draft wills due to cultural and superstitious beliefs that discourage discussions about death," said Eugene Yeong, a lawyer and founder of Yeoung and Associates.
Yeoung and Associates specialize in estate management services and aim to bridge the gap in public awareness about the importance of estate planning. The firm's founder emphasizes the need for increased education and understanding among Malaysians regarding the benefits of estate planning.
"Additionally, there is a significant lack of public awareness regarding the importance of estate planning, leading to procrastination in will preparation," Yeong added.
Experts in the field assert that addressing these cultural taboos is crucial for encouraging more Malaysians to engage in estate planning. Without it, heirs face a daunting task of navigating legal and financial hurdles to secure their inheritance. Estate planning provides clarity and security, ensuring that the deceased's wishes are honored without the risk of assets defaulting to government control.
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