Mr Chilima died on Monday while flying to the northern town of Nkhata Bay to attend the funeral of a former cabinet minister.
The entire crew and passengers, including former first lady Shanil Dzimbiri, also died.
Mr. Chilima had a successful career in the private sector and held various senior, well-paid positions in business before making what many considered a risky decision and entering politics at the age of just 40.
He has served as Vice President under former President Peter Mutharika since 2014.
After falling out with Mr Mutharika, Mr Chilima formed his own political party, UTM.
He ran for president in the 2019 election, finishing third behind Mutharika and Chakwera, but the election results were annulled by Malawi's High Court on allegations of fraud.
In the 2020 presidential election, Mr Chilima agreed to be Mr Chakwera's running mate in a coalition of nine opposition parties.
He said in June 2022 that as part of the agreement, President Chakwera would serve only one term and support Mr Chilima in the next election in September 2025.
President Chakwera has not publicly disputed Mr Chilima's claims, but in recent public statements he has begun hinting that he may run for re-election next year.
In public, Mr Chilima and Mr Chakwera appeared to be on good terms, but many thought a fallout was inevitable, especially after senior leaders from each party began publicly supporting both candidates in next year's elections.
