By Peter Lee
Midway through the family meeting in Dave’s office, both Mrs Patricia Lee (Lee Sr’s first wife) and Connie (Lee Sr’s 2nd wife) stepped out from the meeting room. Connie quickly called her lawyer, May, to write a letter for her to be sent to ZNA Bank, Singapore on the same day to freeze the joint bank accounts between Lee Sr and Mrs Patricia Lee in ZNA Bank, Singapore amounting to S$3 million. Although Connie has only the birth certificates of her children to prove her relationship with Lee Sr. her fear that Mrs Patricia Lee will withdraw the entire sum prompted the move. While she was giving instructions to May, Mrs Patricia Lee made a phone call to book a flight for the next day to Singapore with the intention to withdraw this amount.
After both of the ladies stepped back into the meeting room, Connie then said to John and Michele, “I have another appointment in 2 hours’ time. So, can we make it quick about our discussion on the family company shares?” John and Michelle agreed. After the rest of the family members left the meeting room, Michele said to Connie, “Since we (John, Michele and Connie) are the joint Administrators of my father’s estate, I hope we can work together to distribute the estate as soon as possible. I think my family won’t mind distributing the estate according to Intestacy law. Even mum with so much reluctance has indicated that she is willing to distribute the S$3 million in Singapore according to Intestacy law. On top of that, she has also suggested in our earlier meeting that our family can renounce your joint bank accounts with my father and your children as well, which are now frozen. With all this, I think you would have a sizeable cash amount.”
“So, I really hope you can renounce your rights to the 70 per cent shares which father owns in each of our family companies to avoid further complication. By the way, we have also mentioned in our earlier meeting that you can keep father’s shares in the investment companies which you have set up with him.” In response, Connie said “You know, I don’t think there will be any complication holding shares in three of your family companies. After all, my children and I are not going to manage the Companies.” John, feeling agitated, quickly interrupted and asked, “What if we work out a figure and pay you an amount and in return you give back your entitlement and your children’s as well to our family?” Connie then asked “Well, it all depends on how much you are offering.” John then said, “I have to ask my accountant to calculate the value first and only then can we discuss.” In response, Connie said, “You do that first and then I will consider. Ok! Is there anything else because I have to go now.” John turned to Michele and said, “I guess we have to meet once again after we have calculated the value of father’s shares.” Connie then quickly left in a hurry heading towards May’s office. May was ready with the letter to ZNA Bank, Singapore when Connie arrived. Once Connie signed the letter, she handed the birth certificates of her children to May and instructed her to send the letter through courier and email. In addition, she also asked May to call the bank manager.
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. His Book “To Delay is Human but to Will is Divine” (96 pages, RM28, Hard copy) is available at Rashi Mini Market (019-510 6284), No. 37, Jalan Perajurit, Ipoh Garden East or at Ipoh Echo. Chinese and English version of his book is also available at his office: No. 108 (2nd Floor), Jalan Raja Ekram, 30450 Ipoh, Perak. He can be reached at:
- 012 507 8825 or 05 255 4853
- Email: firstname.lastname@example.org.
- Website: http://www.peterleewills.com/
- Facebook page: https://www.facebook.com/peterleeconsultancy/