In the intricate tapestry of life, we often contemplate its journey and destination rather than its inevitable conclusion. Thoughts frequently dwell on the present and pursuing a better quality of life. Yet, it is crucial not to dismiss the importance of planning for the end of this journey. Legacy planning, a concept often overshadowed by fear, lack of information, or sheer ignorance, plays a vital role in securing a meaningful and well-organised transition of wealth and assets for future generations.
As of 2022, a mere 20 per cent of Malaysians have a will, and even among those who do, the validity of these wills remains questionable. This staggering statistic is further compounded by over RM90 billion worth of unclaimed assets nationwide, creating a complex financial landscape that demands our attention.
Legacy planning is the beacon guiding us through these uncharted waters. It involves the meticulous and strategic distribution of an individual’s wealth and assets, ensuring they serve their intended purposes and honour the deceased’s wishes. Beyond financial considerations, legacy planning encompasses emotional and societal elements.
Rajen Devadason, CFP, a licenced financial planner with Manulife Investment Management (M) Berhad, defines legacy planning as implementing
