After both sides of the family (family from the 1st and 2nd wives of Lee Sr) had discussed with their respective lawyers on gathering and revealing Lee Sr’s frozen estate for the purpose of the application for Letter of Administration (L.A.), the administrators, namely, John, Michele (children of Lee Sr) and Connie (2nd wife of Lee Sr) then met up in Dave’s office. Dave said: “Before I begin taking down the list of Lee Sr’s assets, I would like to ask all of you whether there are any changes to the appointment of three of you as joint administrators for the estate. If the status remains the same, then I will include your names in the affidavit and arrange for the rest of the family members who are beneficiaries to sign on a letter consenting to the appointment of three of you as Administrators and at the same time renouncing their rights to be the Administrators.” Everyone in the room nodded giving the green light to Dave to proceed. Dave then said “Ok. I take it as confirmed and let’s move on to the list of assets starting from the money in the bank accounts. With regard to this, I would like to have the name of the bank, branch and bank account number either in the name of Lee Sr solely or jointly with other family members.
John then replied: “According to our records on the sole-name bank accounts, father has two in Malaysia with a combined amount of RM5 million, one in Singapore having S$2 million, one in Australia with a sum of A$6 million and one in U.K. with a balance of £2 million.” The name of the bank in Malaysia is Pan Bank, Jalan Tun , K.L. The bank in Singapore is called ZNA Bank, Alex Road, Singapore. As for the Australia Bank, it’s called Aussie Bank, Fin Street, Adelaide. The bank account in U.K. is in RCC Bank, London Street, London. Dave then turned to Connie asking “Connie, could you give me your side of your records in relation to the sole-name bank accounts of Lee Sr?” Connie replied, “As far as I know, there are only two bank accounts in CDS Bank, Jalan Raya, K.L. under his sole name which cannot be withdrawn. One is a savings account with RM2 million and the other is a current account with an amount of RM100,000. He had mentioned to me that these savings are meant for my three children’s education.” In response Dave said, “Connie, this will be subject to the Distribution Act unless the rest of the beneficiaries renounced their rights to this entitlement.” Her reaction to this response was an expression of discontent in her face. She then turned to John and Michele and asked, “What do you think about this?” Michele then responded, “Well! I can speak to my side of the family about the renunciation. Now, if they agree, can you then renounce your rights to your entitlement on my father’s bank accounts either local or overseas which John just disclosed?” Connie was stunned for a moment and suddenly realised how stupid she was to ask this question when she had more to gain from the Distribution Act.
To be continued…
Peter Lee is an Associate Estate Planning Practitioner (Wills & Trust) with Rockwills International Group. He is also an Islamic Estate Planner providing Wills & Trust services for Muslims. He can be reached at: 012‑5078825/ 05‑2554853 or [email protected]. Website: http://www.wills-trust.com.my.
His Book “To Delay is Human but to Will is Divine” (96 pages, RM28) is available at his office: 108 (2nd Floor), Jalan Raja Ekram, 30450 Ipoh; Rashi Mini Market (019-510 6284), 37 Jalan Perajurit, Ipoh Garden East; Ipoh Echo and at all major bookstores in March 2013.