Appoint a Trustee Company to administer your estate

[The following is an adaptation based on a true story. The names have been changed to protect the identities involved.]

“Frank was a fit man and was always on the go. Already a general manager of a large financial group at the age of 40, with a big house, no liabilities and more than RM 10 million in investments to his name, he was in the prime of his life.

At the suggestion of his wife, Angeline, he decided to do a will through a will-writer, naming his wife and kids as beneficiaries. He appointed Angeline as executor and his younger brother, John, as substitute executor.

One day, he and his wife were travelling outstation. Fate played a harsh hand and they met with an accident that left no survivors. John, in his capacity as executor, took over the administration of his estate. Unbeknownst to Frank, John was struggling with his business and had a large debt. Succumbing to pressure from his creditors, he used part of the proceeds from the sale of Frank’s investments to cover his own debt. The business deteriorated further and he continued his ‘temporary borrowings’ to fund his business losses. Soon, he was using the estate to fund the education of his own children along with that of Frank’s kids.

By the time Frank’s kids grew up, there was hardly anything left for them. When they questioned him on how this could arise, he said he had to settle their father’s debts and gave no account of the monies used.”

Cases like this are common. When you wish to write your will, the keys are:

• Who will get what and how best to provide for your beneficiaries?
• Who do you appoint and is that person qualified to be the executor of your estate?
• Can you trust this person with everything you have and will he/she be always there for your beneficiaries?
• You have started planning for your loved ones by writing a Will but you wish to ensure that your wishes in your Will would be followed.
• You need the Executor to have the expertise and experience to handle your estate and spare your family from the hassle of administering your estate.
• Ensure continuity in the Estate Administration and avoid delay caused by the critical illness or death of the appointed Executor, his delay, procrastination or his disinterest in administering your estate.

Understandably, you may want to appoint someone close to you as the executor. Selecting an individual to manage your estate may do more harm than good, apart from the risk of loss from misuse or mismanagement. The executor will be required to deal with various tedious and time consuming legal matters beginning with the application for probate, attending court hearings, preparing reports, etc. until the distribution according to the instructions in the will. The process can get very complicated.

Therefore, you need these qualities to be the Executor :-

• Knowledge and experience in administering the different aspects of Executorship and Estate Administration so that the management and distribution of the estate can be completed smoothly and expeditiously.
• Continuity – unlike an individual who may be affected by death, critical illness or cause delay, a Corporate Trustee provides continuity in carrying out the terms and conditions of the Will.
• Independence and accountability – Rockwills Trustee is independent in its management and administration of the Estate and acts impartially to all beneficiaries. At the same time, we are under legal obligation to ensure that the funds are properly managed, accounted for and properly distributed.
• Peace of mind – with Rockwills Trustee acting as your trustee, you are assured of a professional and experienced trustee to follow through all your wishes.