An Executor is the person or trust corporation you choose to carry out the terms of your will. The Executor is responsible for the entire administration of an estate until the final distribution of the assets is made tothe beneficiaries.
What are the duties of an Executor?
- Locate a Will
- Make funeral arrangement
- Apply by petition for Grant of Probate
- Assemble, protect and insure all assets
- Pay for the debts and liabilites
- Pay income taxes
- Prepare and complete detailed accounting
- Distribute assets of the estate according to the Will
Why appoint Rockwills Trustee Berhad as Sole or Substitute Executor in your Will?
Cost Saving
If the appointed individual
Executor in your Will decide not to act or become unable to act due to
poor health, work or family commitment when you pass away, their refusal or
resignation could cost your beneficiaries a lot of money and time because a new
Administrator has to be appointed. Letter of Administration with Will
annexed will have to be applied for instead of the Grant of Probate, and
the Court will appoint a suitable person to administer the estate. This will
involve a longer process and cost your beneficiaries a lot of money and time.
The cost of appointing Rockwills
Trustee Berhad as the Executor or substitute
Executor is only one time fee of RM 120.00 and the administration fees only
becomes effective upon the death of the Testator or when the appointed Executor
is unable or unwilling to act or resigns.
Flexibility
If the individual Executor finds
himself not suitable for the duties and decides that a competent Trust
Corporation like Rockwills Trustee
Berhad who has the economy of scale to save cost, he
would not be able to hand over the administration work, unless Rockwills Trustee Berhad is
appointed as a substitute Executor in the Will.This means your Will will be more
flexible and durable if Rockwills Trustee Berhad is appointed as a substitute
Executor.
No sureties required
If a new Administrator is appointed,
the law requires the Administrator to provide two sureties who should have at
least the same equivalent gross value of the estate. This is one of the major
cause of most delays in administration of the deceased's estates because it is
very difficult to find sureties (guarantors) whereas appointing Rockwills Trustee Berhad
does not require any sureties.
Professional and Competence
The misconception that appointed a
Trust Corporation like Rockwills
Trustee Berhad would increase the administration
cost is wrong. Since the individual Executor may not have the expertise or time,
he will engage other competent professionals to perform his function as an
Executor. This means that the administration cost will be the same or even
higher. In addition, the individual Executor still have the responsibility in
law and is still liable for any legal action brought by third parties like the
Inland Revenue Board and other creditors of the estate. By appointing
Rockwills Trustee
Berhad, you are assured of the professionalism and
competence in the work done at a cheaper cost for the overall
administration.
Perpetual existence
The services of the Executor may be
required at any point in time upon the death of the Testator, and at times the
responsibility of the Executor may also continue throughout a period of time
especially where minor beneficiaries are involved and it can be a situation
where there is a delay in the legal process. Therefore, it would be difficult to
ensure that the appointed individual Executor will still be around to discharge
his responsibilities. As a Trustee Corporation, Rockwills Trustee Berhad
has perpetual existence with full time legal staff to ensure continuity in the
administration process until the final distribution.
