Legacy Planning in Malaysia
As Malaysia enters a period of significant intergenerational wealth transfer, the way families approach legacy
planning is changing.
In this article, Prudential Assurance Malaysia Berhad's
Chief Executive Officer, Kelvin Ang, explores how legacy and estate planning are evolving beyond accumulation - and how insurance innovation is helping families plan not just what they leave behind, but how and when their loved ones receive it.
For many years, conversations about wealth planning in Malaysia were largely transactional. The focus was on accumulation, returns and preservation. Legacy and what happens after, was often left for later.
As Asia-Pacific enters an era of the Great Wealth Transfer, an estimated USD5.8 trillion is expected to move across generations between 2023 and 2030[1].
What we are seeing today, however, is not just a transfer of wealth - it is a significant shift in mindset. More thoughtful questions are being asked. Increasingly, the focus is no longer confined to how much wealth is inherited, but on how it is passed on and when it is received.
As one customer recently put it, ”I plan because I want them to find their own way, and to still feel me cheering them on each time they achieve something meaningful.”
This is where legacy planning becomes deeply personal.
Traditional approaches to legacy and estate planning do not always reflect the realities of modern family life. Children grow. Circumstances evolve. What families increasingly want is a solution that not only offers flexibility, but also certainty for years and even decades to come.
This is where insurance provides a solution as it offers families a regulated, low-risk and flexible tool for long-term planning. And PRUWealth Enrich 2.0 is one of the many ways we’re helping families achieve this balance, providing a purposeful approach to legacy planning through the new Legacy Settlement Option.
Customers can even leave meaningful messages of encouragement, so their loved ones can still feel their presence during life’s meaningful milestones, when they no longer can. It’s a reflection of how insurance is rethinking legacy - enabling love, support and values to be passed on, not just wealth.
[1] https://www.mckinsey.com/industries/financial-services/our-insights/asia-pacifics-family-office-boom-opportunity-knocks