According to MoF, a total of RM5.7b worth of assets left unclaimed in 2017
By SULHI KHALID / pic by TMR GRAPHIC
WILL writing is still not part of the Malaysian culture. According to WillKey, the country’s first centralised registry, the level of awareness on will registration is still not as apparent, with only two million people have written a will.
WillKey, a wholly owned unit of MWD Wills Depository Sdn Bhd, said the emphasis on will registration is still being overlooked due to low level of understanding, procrastination and a lack of trust among family members.
“Currently, a total of two million people have their will,” MWD Wills Depository director Sheila De Costa said.
She said the number is considered small as the total working population presently hovers at between seven and eight million people.
In 2017, the Ministry of Finance (MoF) disclosed that a total of RM5.7 billion worth of assets had been left unclaimed.
The Ministry of Natural Resources and Environment also revealed that estates of deceased persons worth RM60 billion had remained unclaimed in 2016.
“Having a will is important for anyone who has properties, insurance policies, bank accounts and any other type of assets,” De Costa said at the signing of a memorandum of understanding (MoU) between MWD Wills Depository and Financial Planning Association of Malaysia (FPAM) in Kuala Lumpur yesterday.
With the MoU, WillKey is now a financial solutions partner of (SmartFinance.my) — FPAM’s public education platform, for a two-year collaboration.
“Through this partnership with FPAM, we aim to create and improve awareness on how will registration, storage and search plays a role in the efficient management of assets.
“We look forward to working with FPAM and its members to share knowledge on how easy location of a will, when needed, is very important to enable efficient administration of the deceased’s estate and to avert disputes on the intentions of the deceased,” De Costa said.
With this collaboration, Licensed Financial Planners listed in (SmartFinance.my) who refer their clients requiring WillKey’s services, enjoy a referral fee by activating their accumulated points to access the programme.
Meanwhile, FPAM’s CEO Linnet Lee said the deal is expected to allow 2,200 Licensed Financial Planner to share information on new services with their respective clients.
“We hope members of the public and financial planners registered on (SmartFinance.my) will take the opportunity to become early adopters and enjoy the incentives offered,” said Linnet.
WillKey offers a centralised registry that serves as a platform for testators, lawyers and will writing service providers to register or store their wills or their clients’ will. There is a one-time registration fee of RM133.33 while will storage is available for as low as RM3.33 a month.