By Peter Lee
After the Trust Company Representative (TCR) discovered from Dave (Lawyer) that there was an agreement pre-signed by the first family of Lee Sr and Connie (Lee Sr’s 2nd wife) on the sale of her share entitlement to Lee Sr‘s shares of 70% in three companies to the first family for a consideration of RM5.4 million, TCR told Dave that this sale can be executed only after the Letter of Administration (L.A.) of Lee Sr has been obtained. As for the shares in an investment Company which Connie and Lee Sr are holding 50% each, TCR went further and enquired from Lee Sr’s first family whether they were willing to renounce their rights of entitlement to Lee Sr’s 50%. TCR was informed that the first family was not interested in claiming Lee Sr’s 50% in this company as they have ascertained that the company’s worth is too negligible.
Once the discussion with regards to the shares in the family Companies were settled, Dave informed TCR that there are three cars under Lee Sr’s name. TCR asked “Was there any decision of distribution for these cars? In reply, Dave said “I have informed the family that it will be much easier to sell them and distribute the net proceeds to the families if they want to distribute it according to Intestacy Law. However, there was no decision on this yet.” To this, TCR said “ I agree to your suggestion. Otherwise, they could choose another option of some family members choosing the respective three cars and the rest of them to renounce their rights to the entitlement.”
“For your information, this may be a small matter but the transport department will request for the Letter of Administration (L.A.) to ascertain who is the Administrator. Thereafter, these vehicles will be transferred to the Administrator and this is definitely going to be us. Thereafter, if the decision is to sell, then I will prepare the letter of consent for all the beneficiaries to sign for the sale. However, if some family members decide to own the vehicles, then the rest of the family members would have to renounce their entitlement rights. “
“In case the family members decide to buy from each other, then I have to prepare a sale and purchase agreement between the buyer and seller for transfer to the buyer. Anyway, I will confirm with the family members on their decision.” TCR continued and asked Dave whether there are any more Malaysian assets involved. In reply, Dave said “No”. TCR said “With this concluded, I think I can commence the application for L.A. in Malaysia first. Oh by the way, do you happen to have the death certificate of the parents of Lee Sr. As you know, his parents are entitled to ¼ of this estate and since they are no longer around then we have to eliminate this entitlement by way of proving with their Death Certificates. In response, Dave said “I have asked the family members and they don’t have it.” TCR then said “In that case, then I have to see whether he has any other surviving siblings to obtain the Death Certificates because it will be easier and faster. Otherwise, we have to apply for it and in the event if we still fail to obtain them then we would have to apply for presumption of death with the High Court.”
To be continued…
Peter Lee wishes our readers a Merry Christmas and a Happy New Year!
By Peter Lee