Appoint a Trustee Company to be your Executor

If you feel the duties of an Executor are too compelling to burden your family or friends, have doubts about the abilities and honesty of your potential Executor, or can not find an appropriate Executor, do consider to approach a Trustee Company. It is an excellent alternative to individual Executors. Registered under the Trust Companies Act 1949, it is authorized to act as executor, Trustee or Investment Manager, if required.

The advantages of appointing a Trust Company are :

• It will never be biased towards any particular parties resulting an unfair distribution
• It has perpetual existence as compared to individual who may die, incapicitated, becomes of unsound mind or becomes a bankrupt
• It would be in a better position to handle and manage estate administration because of its expertise and competency
• The work done by an Executor is complex and the role of a Trust Company is basically deals with estate administration; therefore there is no issue in facing different obligation.

The individual Executor may charge a fee for his or her services. Often this individual is a relative, and he or she may choose not to charge a fee. If a fee is charged, the amount is regulated by statute, and in others it is what is “reasonable” for the work performed. In Malaysia, an Executor can charge up to 5% of the estate value.

Today, there are more testators appoint a Trust Company as their Executor for total peace of mind knowing your family will not face the problems, the estate administration is a small fee to pay. There are special packages available for reduction of the estate administration fees which amount to substantial saving for the estate.