Report from The Star: Some RM 3 Billion unclaimed as depositors failed to name Beneficiaries before dying

RM3b unclaimed from A-G Dept

Monday November 9, 2009

Source: http://thestar.com.my/news/story.asp?file=/2009/11/9/nation/5072768&sec=nation

KOTA BARU: Some RM3bil remain unclaimed from the Accoun­­­­tant-General’s Depart­ment because the depositors failed to name their beneficiaries before dying.

Deputy Finance Minister Sena­tor Datuk Dr Awang Adek Hussin said some of the deceased depositors’ next-of-kin or their children did not even know about the money that was left behind.

“Some of the money were left in the Employees Provident Fund (EPF) or in the banks,” he told reporters after attending a briefing by state departments and agencies under the Finance Ministry yesterday. — Bernama

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Comments from LKC:

1. Better name your EPF Beneficiary. In worst case scenario planning,If common disasters ( both parents perish together ) happens, then instructions must be spell out in your WILL on how your EPF money can be used for the education & daily financial needs of your young children.

2. You cannot nominate any beneficiary in your Bank accounts ( unless it is a trust account ). But you can "nominate" your beneficiaries in your WILL !

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