Many Malaysians Still Have Misconceptions On Writing Wills
Many Malaysians Still Have Misconceptions On Writing Wills MALACCA: Close to two million inheritance claims valued at RM45bil are still frozen by various agencies due to lack of legitimate trust instruments. A source told Star Metro that the figure does not include unclaimed monies in various agencies such as Amanah Raya Berhad (ARB), Employees Provident Fund (EPF) and other financial institutions. In 2006, the source said it was estimated that one million inheritance claims value at RM38bil were still frozen. This amount rose in early 2007 where frozen estates wasRm40bil - RM38bil in real estates, RM1.5bil in cash money and RM70mil in EPF. “In 2009, the value of the frozen estates was at RM42bil and out of this figure, RM1.8bil was still stuck at Unclaimed Monies Registry Board,” the source said. The source also said that statistics show that in 2011, an estimated RM42bil of the frozen estates that should be distributed to 500,000 beneficiaries have not reached them as they did not