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.

Yeong said it can cost as little as 500 ringgit (US$114) to set up a basic – but legally valid – will, with the price increasing according to the complexity and specific needs of their clients.

Those without a will can leave families with major complications, mountains of paperwork and legal red tape to release the assets held by their next of kin upon death.

Source: SCMP