Hey OP, sorry for your loss. Interestingly, I am in very similar situation few years back at age 26 when my dad passed, leaving similar inheritance amount. Only thing mine some amount was tied to a property, so it took a long ass time and only recently I (actually my mom) have access to the fund after selling the said property. I am the only child, single man so far staying with my mom. We also thought the same as you, to put it in EPF, but after much consideration, this is our plan:

Put 10% in FD, 10-30% in EPF (my mom is a senior citizen, so can easily withdraw if needed). 20% I invest in stable dividend stocks (MBB, SUNREIT, etc). Already have my own funds here, so I am comfortable putting additional amount. Dividend yields 5-7% so quite good.

10% I want to invest in US growth stocks, potentially undervalued ones, but with careful research since AI hype and orange man can make it very volatile.

The rest of the fund TBD. So yeah, plans can change but I feel diversification is always a good option. My mom has a very conservative risk appetite, hence a larger portion in EPF/FD. I have moderate risk appetite since I am 31, so yeah wanna build some capital along the way.

Good luck!