In The Name Of My Father’s Estate (Episode 14)

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Rockwills - wills and trusts - ipoh estate planningBy Peter Lee

With the disclosure of the bank account under the sole name of Lee Sr, Dave then moved on to the joint bank accounts with different family members. He turned to John and Michele (children of Lee Sr who are also the co-Administrators) for this information.

Michele then asked Dave, “Can we just leave aside those bank accounts that are jointly owned with my family members which have not been frozen?” Dave said, “By right, legally you have to disclose all.”

Then, Michele turned to Connie (Lee Sr’s 2nd wife) and asked “Are you okay with my request or follow Dave’s opinion?” Connie paused for a moment and replied, “I think I want to follow Dave’s legal advice.”

Michele response to Connie was, “Let’s drop the legal crap and be practical to make our distribution easier, if you can agree with my idea?” Connie replied, “That’s easy for you to say when the bulk of your old man’s money, who happens to be my husband, is in your family’s hand.”

Michele retorted, “I guess there is nothing much I can do since my father married a gold digger”.

Connie immediately stood up pointing her finger at Michele and shouted, “You better watch your language or I will kick you.” Michele also stood up and said. “Let me see you do it right here and right now”.

Dave and John quickly pulled both women away from each other. Dave raised his voice and said “Ok! You ladies have to really cool it if we want to resolve the distribution quickly. We have a long way to go and it’s only the beginning now. So! Is everyone cool now?”

Connie then said to Dave, “You better ask her,” pointing to Michele, “to be careful with her words.” “Michele then responded and said “You too”. John interrupted and said, “Can both of you just stop for heaven’s sake and let’s move on with it as we have still a lot to discuss.” The room was silent for a moment waiting for both the women to cool down.

Then Dave said, “Since there is an issue of revealing all the joint bank accounts, I propose that we work on those joint bank accounts that are frozen, because if we can’t agree on this, then I think it will be difficult to move ahead”.

John response was, “Ok, let’s do it!” Dave then asked, “Are you okay with it Connie?” Connie replied, “I don’t think I have a choice, right?” John continued and said, “I have only a joint bank account with my father and mother in ZNA bank in Singapore which has roughly S$3 million. This account is frozen”.

Connie’s face suddenly glowed and was seen smiling while Michele was disgusted with her expression. “Ok! Connie, can you give me yours?” asked Dave. Connie replied, “I have two joint bank accounts with my husband of which one is in CDS Bank, Jalan Bunga, K.L. with an amount of RM500,000, and the other one in Bagus Bank, Jalan Mewah, K.L. with an amount of RM800,000 . My husband also has three other joint bank accounts with each of my three minor children. The amount in each of the account is roughly RM200,000. These accounts are all in Bagus Bank.”

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 excelsecms@gmail.com. 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.