PETALING JAYA: The Malaysia Will & Trust Association (MWTA) held a forum titled "Shaping The Future of Estate Planning In Malaysia" at Sheraton Hotel in Petaling Jaya on Dec 13.
The event convened distinguished guests, panel speakers and industry leaders to delve into estate planning.
Panel speakers — including MWTA president Datuk Chua Meng Min, Amanah Raya Bhd group chief business officer Jack Yap Ngee Heong, ZICO Holdings Inc executive director Chew Seng Kok, Think Plus Consulting Sdn Bhd group chief executive officer Dr Norsaidatul Akmar Mazelan and ZICO Trust (M) Bhd chairman Tan Sri Dr Nik Norzrul Thani — engaged in insightful discussions.
Nik Norzul, serving as the moderator, highlighted the imperative need for effective estate planning in a society experiencing continuous wealth growth.
The forum revolved around Malaysia's professional estate planning practices, emphasising innovative solutions and best practices in the field.
It underscored the role of estate planning in providing a peace of mind and safeguarding assets.
Chua stressed the need to raise public awareness about wills and trusts due to low awareness among Malaysians.
He said that less than 20 per cent of the country's adult population possessed a will, and there was a tendency for many to avoid discussions about wills and trusts, causing reluctance in estate planning conversations.
"We formed this association two years ago and we have started a few things, including media coverage, giving talks to some non-profit organisations, as well as seminars," he added.
While discussing the future of estate planning in Malaysia, Yap emphasised Amanah Raya Bhd's role in collaborating with government agencies, financial institutions and stakeholders.
Chew outlined strategies for the future of estate planning and offered perspectives geared toward shaping forthcoming practices.
He stressed on forward-thinking measures and approaches, specifically advocating for the adoption of digital solutions like online will-writing platforms and secure document management systems to propel the field.
He pointed out the disparity between Malaysia and international practices in creating wills, emphasising the necessity to enhance standards, regulate trust advisors, and prioritise education to position Malaysia as a recognised wealth management centre.
Norsaidatul contributed a distinctive perspective to the conversation, focusing on integrating Environmental, Social, and Governance (ESG) principles into estate planning.
She emphasised the importance of aligning beneficiaries' intentions to promote prosperity in the ecosystem while underscoring the necessity for service providers involved in wealth transfer to comply with regulations and laws.
Stressing the role of estate planners in educating clients and facilitating negotiations, she underscored the value of customising ESG products to align with client values for creating new prosperity.
"ESG is a product of good value, but if you do not customise it for the client to see the value, you are not able to know what is the new creation of this prosperity. This is the reason why education is very important.
"The growth of the new economy under this trust has to be formulated by people who understand the alignment. Without the alignment, no one can give that element of assurance," she added.
She explained the distinction between an industry-led ecosystem and a government-led one, emphasising the need for trust and assurance in the industry-led paradigm.
