The revelation of billions of dollars in unclaimed inheritance has provoked uncomfortable questions among Malaysians about death, personal finance, and estate management, with many only now realising the importance of preserving their legacies for future generations rather than allowing them to be forfeited to the government after 15 years of inactivity.
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The lack of estate planning in Malaysia has left an estimated 65 billion ringgit (US$14.8 billion) under government management, according to government-appointed inheritance trustee Amanah Raya in a report by local Malay daily Beritah Harian on Sunday.
Just five per cent of the country’s 34 million people have some form of estate planning, Amanah Raya’s Group Managing Director Ahmad Faizal Sulaiman Khan said, leaving most of the population with the unwieldy task of clearing multiple legal and financial hurdles to secure their inheritance.
Experts said that long-held superstitions and cultural taboos surrounding discussions about death are a major reason why Malaysians avoid talking about estate planning.
“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, which offers estate management services.
“Additionally, there is a significant lack of public awareness regarding the importance of estate planning, leading to procrastination in will preparation.”