There are many matters to be settled by your executor before distribution. This include :
- collecting all immovable and movable assets [including bank accounts, vehicles, shares in companies, unit trusts, house etc];
- settling the debts of the deceased [including income tax and loans];
- applying for grant of probate and submission of the relevant documents to the High Court;
- dealing with government authorities and financial institutions.
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. And, can you trust this person with everything you have and will he/she be always there for your beneficiaries?
As a trustee company, Rockwills Trustee Berhad have the experience, the expertise, the impartiality and the checks and balances that will make the estate distribution a smooth process for your loved ones. Why?
- Legal Knowledge of various legal issues
- Professionalism, Expertise and Experience
- Perpetuity and Continuity in administering the estate
- Time to manage and administer the entire estate
- Impartiality and Security
- Trustworthiness and Accountability
- Professional management skills
- Professional indemnity
Articles taken from FPAM
It is glad that there is a great deal of awareness on the importance of Wills among Malaysians; however, a sizable number of them think that all their estate planning issues are settled once they have a Will written. This is untrue because writing a Will merely indicates the wishes to be carried out after our lifetime. Who carries out those instructions? And how is it going to be carried out when you are no longer around?
So, what is estate administration? .....
During the estate administration process, the personal representative is responsible for locating and collecting the deceased’s assets, paying off the debts and distributing the assets. The personal representative will be an Executor when there is a valid Will or an Administrator when there is none.
Most people are under the mistaken impression that the deceased’s beneficiaries receive the assets almost immediately upon death or as soon as the probate or letters of administration has been obtained. This is certainly not the case because there is a process to follow.
For example, one thing is to try to locate the bank accounts and life insurance policies the deceased have by writing to financial institutions and insurers. Another issue maybe is to find out what real properties the deceased has or which private limited company he hold shares in. Upon the conclusion of the estate administration, the executor is obliged to prepare a statement of accounts to be given to the beneficiaries.
The estate administration can be an extremely tedious and difficult process. The estate administration process may span years.
Imagine if you have only one executor and he dies before the administration of the estate is
completed, in this case, who will be your executor? The answer is his executor (i.e. the executor of the said deceased executor) will also be your executor, who could possibly a total stranger! Therefore, consider appointing a trust corporation to eliminate this uncertainty.
