Peter Lee is a man with a mission. He wants to see more Malaysians write their wills to protect their families who are left behind. He cites data that shows that in Malaysia alone, more than RM40 billion of cash and non-cash assets are left by the dead which are not claimed by their heirs. Of this, land and property account for about RM38 billion, RM1.5 billion is with the Registrar of Unclaimed Monies (savings accounts and fixed deposits in banks and financial institutions) and more than 70 million has been left in the Employees Provident Fund. In addition, there are also a million land titles still in the names of the deceased. The only way to stop the increasing amount of unclaimed cash and non-cash assets is to make a will, claims Peter.
Peter started his career as a Company Secretary in 1988 and is a member of the Malaysian Association of Company Secretaries. In providing services to many companies he encountered numerous disputes among business partners especially those involving family businesses. He attributes this to lack of planning or no planning at all as regards succession and distribution of their estate to the next-of-kin in the event of death of a partner. When this occurs, and there is no will, Peter laments that the next-of-kin are always saddled with innumerable problems with family members over distribution issues that will eventually ruin their businesses. In addition, he is often caught in the middle between many fights and quarrels.
This prompted him to join Rockwills International Group as a Professional Estate Planner in 2003, extending his services to wills and trusts, making it his mission to help keep the families of his clients from facing such problems. He is also an Islamic Estate Planner with as-Salihin Trustee Berhad (an associate company of Rockwills) providing Islamic Wills and Estate Planning services.
Even though many articles have been written on the importance of doing a will, there are still more than 90% of Malaysians who have not written their will based on a recent survey. Peter Lee’s observation is that when someone passes away their problems will cease but the problem for their surviving families will begin. So he strongly urges all to make a will early so that the distribution issues are resolved before migrating to another world. Many have the perception that doing their will is like talking about their death. So they adopt a wait and see attitude. Peter Lee prefers to look at it simply as peace of mind not only for oneself but also for the family.
To Delay Is Human But to Will Is Divine
Those who would like to read about the importance of a will in real life scenarios can do so from Peter Lee’s book, “To Delay Is Human But To Will Is Divine”, written in an easy-to-read manner and light-hearted tone.
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