To Delay is Human but to Will is Divine is a simple easy-to-read guide book for anyone who is interested in Wills and Trusts and the whole area of Estate Planning.
A staggering almost RM6 Billion has been left unclaimed by Malaysians from 1977 to 2017. Former Deputy Finance Minister I Datuk Othman Aziz said last year “The total unaudited amount stands at RM8.8 billion. So far, RM1.579 billion has been returned,” he told the Dewan Rakyat today. He said the government has set up 25 counters nationwide to enable Malaysians to claim the money. Thirteen counters are in the Peninsular, seven in Sarawak, four in…
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.
Amidst the many uncertainties in life, death is something that nobody can escape. As the saying goes, “Where there’s life, there’s death.” In this day and age, death is no longer a taboo topic. Morbid as it may seem, these days, people make plans for their eventual death to ease the responsibility for their loved ones after they are gone.
But how many of us plan for the smooth distribution of wealth to our beneficiaries upon our demise? To date, unclaimed monies and frozen assets in Malaysia amount to over RM60 billion. Procrastination is one of the main reasons why most of us still do not have a will drawn up.
Ipoh Echo spoke to Peter Lee, an estate planner of Rockwills in Ipoh, about will and estate planning. Peter has more than ten years of experience in this field.
For more information or for any inquiries you may contact me at : Tel : 012-5078825 / 05-2554853 Email: peter@peterleewills.com Address: No.108(2nd Floor) Jalan Raja Ekram, 30450 Ipoh, Perak.
I think most of us would have noticed that one of the news which made headlines recently was the staggering amount of more than RM 5 billion which remains unclaimed by Malaysians. It was reported that these unclaimed money are from inactive bank accounts, unclaimed fixed deposits that have expired, insurance payouts and interest. Insurance itself has more than RM 327 million which is due to beneficiaries of Life Insurance policies. According to the Deputy…
There is a misconception that only the wealthy need to have a will drawn up. In estate planning, the size of it is immaterial, unless one totally has nothing. The average adult would have at least some savings in the bank, jewellery, a car, a house, shares in their business and also some small investments such as stocks and unit trusts.
As such, it is better to plan the distribution of these in the will for assets to be passed down smoothly to the next of kin. But in cases of special needs of dependents and minors, it is best to set up a living trust (inter vivos).
More people are beginning to realise that human life is indeed fleetingly short. However, for most, this realisation seems to stop short at just this point, and does not extend very much further beyond this. We understand that when we leave this life we leave the world we knew and all its attachments. What we do not seem to grasp or perhaps we do, but do not really see the urgency to act on, is…