Tag Archives: Rockwills

“Sad to Belong to Someone Else When the Right One Comes Along”

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By Peter Lee

David, a Malaysian businessman, is married with 3 children aged 10, 12 and 15. His wife, Catherine, who is also a Malaysian, has been residing in Australia for the past six years with their children because of the children’s education. Both of them are in their mid-forties and holding Australian permanent resident status. David has businesses in Malaysia and Australia. Therefore, he travels back and forth between Malaysia and Australia frequently. His busy life, in travelling and running his business, has put a strain on his marriage. To make things worse, he is involved with another woman in Malaysia whom he refers to as his living companion. Recently, Catherine applied and obtained Australian citizenship for herself and her three children, which means that they had to surrender their Malaysian citizenship. David, on the other hand, decided to keep his Malaysian citizenship for the time being. Knowing that his problem is like the song, “…sad to belong to someone else when the right one comes along”, he has to plan for his estate distribution just in case he dies. He intends to allocate some of his estate in Malaysia to his living companion and the balance of the bulk will go to his wife and children.

He realised that the only way to do it is through a will. However, his first problem will be the choice of Executors/Trustee because choosing his wife or living companion will not be ideal based on the fact that his wife is now a foreign citizen and his living companion may not be fair in the distribution. Therefore, it would be best that he chooses a Trustee Company like Rockwills Trustee Bhd. to be Executor/Trustee of his estate. It is also important for him to choose one or more guardians for his children if he and his wife die. In his situation, it is important for him to specify the distribution of his movable and immovable assets to his family in Australia to enable his wife and children to inherit the assets in Malaysia easily.

It would also be practical for him to instruct his Executor/Trustee to liquidate some of his assets such as properties, unit trust, shares, and transmit the money to his family in Australia especially for his children’s education. Since he wants to allocate some money for his living companion, he can decide on the percentage and take the money from one of his bank accounts. In view of his children’s ages, it is important that he sets up a “Testamentary Trust” in his will so that he could state the allocated amount for their living, education and medical expenses. The duration of this trust must also be mentioned. For example, the trust ends when the youngest child reaches the age of 21. Since applying for the Grant of Probate for his will to unlock his estate may require some time, it is extremely important for him to set up a “Living Trust” during his lifetime choosing Rockwills Trustee Bhd. as the Trustee to ensure that immediate funding is available for his family if he dies and such funding could also cover the cost of the probate application.

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 is based in Ipoh and can be reached at: 012‑5078825/05‑2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

Letter of Agony

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By Peter Lee

Ruth passed away without a will at the age of eighty five years ago. She was survived by four children who are in their fifties. Each of them is residing in overseas countries. Three of them are no longer Malaysian citizens because they have obtained foreign citizenship. One of the children, Anthony who resides in Singapore is still a Malaysian citizen and he has decided to return to Malaysia to unlock his mother’s estate which has been frozen for some years because at the point of Ruth’s death none of her children had the time to deal with it. After spending some time in checking, he discovered that his mother’s estate in Malaysia included some money in a bank account, some shares in listed companies and a house. It all added up to RM500,000. She also had bank accounts in Singapore and Australia which amounted to RM100,000.

To unlock his mother’s estate, he applied for the Letter of Administration (L.A.) in Malaysia. The first thing he wanted to do was to appoint himself as the Administrator. However, he was asked to obtain consent from his three other siblings overseas for his appointment. With this request, he spent at least a month locating them as they had lost contact with each other for several years after their mother’s death. After locating them, he sent the letter of consent to all his siblings in different countries for signing and it took him three months to obtain all the signatures. Then he was further requested to look for two guarantors for the estate to ensure that if he absconds with the estate money, then the guarantors would pay the beneficiaries. It was also highlighted to him that when it comes to the distribution of the estate, he has to follow the Malaysian Distribution Act. In other words, all the four children will receive the estate equally. But before that happens, Anthony has to prove that his father and grandparents (Ruth’s parents) have passed away because each of them would be entitled to 1/3 of the estate each if they were alive. Anthony could only produce the death certificate of his father but could not do the same for his grandparents as they died 30 years ago. So, he was told to either look for two witnesses who witnessed their death or produce a sealed Order of Presumption of Death.

The issue of the guarantors and producing the death certificate of his grandparents have now held up the whole application for L.A. Presuming that he clears this hurdle, then the next task would be applying for L.A. again in Singapore and Australia to unlock the bank accounts there and complying with their Distribution Act. As for distributing the estate, he would also have problems transferring the mother’s house to his three other siblings who are foreign citizens. Based on this scenario, I refer to L.A. as Letter of Agony. So, wouldn’t it be better for everyone to make a will to save your family the hassle of going through the agony of executing the L.A. After all, what have you to lose if you do your will and state down your wishes. In Ruth’s case, it was of utmost importance to appoint a Trustee Company like Rockwills Trustee Bhd to act as the Executors so that her estate could be distributed smoothly.

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 is based in Ipoh and can be reached at: 012-5078825/ 05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

Gateway to New Frontiers

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By Peter Lee

Steven, a Malaysian businessman, owns a successful business selling a wide range of electronic products to the local market over the past 20 years. He normally purchases his goods from various suppliers in China. Recently, he did a survey on the demand for some of his products in Singapore. As a result of this survey, he had meetings with some potential customers, who in turn, expressed an interest in purchasing from him. This prompted him to consider incorporating a private limited company in Singapore to conduct his business there. Furthermore, with globalization and rapid changes in the world economy, he believes that his business can get a strong foothold in the International market.

In doing so, he would have the advantages of getting a foothold into a new market and a gateway to the regional markets plus a lower taxation for his trading profits there.

To incorporate a Company in Singapore, you must have at least one local resident director who is above 18 years old. There must be at least one shareholder who can be a local or a foreign person. A foreign person or business entity can own 100% of a Singapore company. The director and shareholder can be the same person. The company must be registered in Singapore. It has to file the company’s accounts with Accounting and Corporate Regulatory Authority of Singapore annually. If it qualifies to be an exempt private company and has an annual turnover of less than S$5 million, then the company can file in the unaudited accounts whereas other companies are required to file in the audited accounts. An exempt private company in Singapore is defined under Section 4(1) of the Singapore Companies Act as a company which has not more than 20 shareholders and its shares are not held by another corporate entity.

When it comes to corporate tax at the moment, all Singapore resident companies are eligible for a tax exemption amounting to a 0% to 8.5% tax rate on taxable income of up to S$300,000 per annum. The taxable income above S$300,000 will be charged at the normal headline of corporate tax of 17%.

With business interests in Malaysia and Singapore, it is advisable for Steven to prepare one will covering assets in Malaysia and another will covering assets in Singapore. This is to facilitate easy and faster application for Grant of Probate in each of the respective countries. At the same time, it is also important to consider setting up a private trust for immediate funding in each of the countries because upon his demise many of his assets, especially his cash, may be frozen and immediate liquidity for his business can be a major problem. Therefore, he must consider setting up an insurance trust because it is considered one of the cheapest funding vehicle. All he needs to do is to execute an absolute assignment in some of his insurance policies into a trust and upon his demise the money from his insurance will flow into the trust for immediate usage.

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 is based in Ipoh and can be reached at: 012-5078825/ 05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

Beyond Borders

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By Peter Lee

Ten years ago, Jim, a Malaysian, purchased an apartment in central London for £500,000 because his two children were studying there. During that time he was advised to write a will in U.K. because it would be more expedient to have a U.K. will covering the assets there. His U.K. will specifies that he will give his property and money in his London bank accounts to his wife solely upon his demise. However, if common disaster occurs where his wife also passes away then these assets will be given to his two children equally who are now in their early thirties. Similarly, he had also written a will in Malaysia covering assets in Malaysia. The Executors/Trustees for both the wills are his wife first, followed by his children. One year ago, he passed away and his wife applied for the Grant of Probate in Malaysia and in the UK using the wills from the respective countries. Upon obtaining the U.K. Probate, she discovered that she has to pay inheritance tax of 40% on anything above the threshold of £325,000 for the property and monies in the bank account in U.K. At that point of Jim’s death, the value of the property had appreciated to £800,000 and his bank account had a balance of £200,000 totalling one million. So, very simply calculated, Jim’s wife had to pay 40% tax on £675,000, which amounts to £270,000. In Malaysia, since estate duty has been abolished, his wife need not pay tax on the inheritance but she would have to settle Jim’s personal income tax if there are any outstanding tax amount from his estate.

One of the ways to overcome paying estate duty is to form an Offshore Company to hold the property and the bank account in London. With an Offshore Company, Jim could have avoided paying estate duties, inheritance tax and capital gains tax when he passed away. The property held in most offshore companies could be sold by just transferring its shares without paying any stamp duty. This kind of Company is usually incorporated in a tax haven jurisdiction like the British Virgin Islands (“BVI”), a British overseas protected territory in the Caribbean. There are more than 900,000 incorporations to date. To form an Offshore Company, you only need to have one Director and one Shareholder who could be an individual or a corporate entity. The details of Directors and shareholders are not on any public records so they provide high confidentiality in terms of ownership and control. They are not required to hold meetings but if they do, then it can be held anywhere in the world. The Directors may grant special and general powers of attorney to any person to manage the company’s assets. The name of the company can also be in Chinese. There is no authorized capital required. Bearer shares are allowed but it must be held by an approved custodian. Lastly, there is no requirement to file in annual returns, audited accounts and tax returns. This makes the administration of the company relatively simple as compared to the requirements required for a Sdn Bhd. Hence, for ownership of foreign assets, it would be important to use an offshore company instead of owning it in the individual name for purposes of wealth succession and tax minimization.

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 is based in Ipoh and can be reached at: 012-5078825/ 05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

Why Why Tell Me Why?

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Peter Lee

Whenever I take my shower nowadays I normally sing “why why tell me why”, a song made famous by the late Cantopop diva, Anita Mui, because I am puzzled why so many people to whom I have spoken have not made a will and trust for their families. If you followed the legal tussle over Anita Mui’s estate recently, you would have noticed how important this is. Before her death, she wrote a will that gave away the bulk of her estate, estimated at HK $100 million, to “Karen Trust”.

In this trust, her mother receives HK$70,000 monthly for her living expenses. In addition, she set aside HK$400,000 for each of her brothers’ four children’s university expenses. Her properties were given to a retired designer. It was also stated that if her mother passed away, her estate would be donated to New Horizon Buddhist Association. The reason she did this was based on the fear that if she gave everything to her mother at one go, she would squander all of it with the help of her eldest brother. But her mother wanted full control of her daughter’s estate by taking a lawsuit against the administrators of the Trust Fund claiming that Anita was of unsound mind when signing the will. However, the Hong Kong Court of Final Appeal dismissed her lawsuit saying that Anita Mui was of sound mind when signing the will based on the testimony given by three witnesses. They were her principal doctor, Anita’s godmother of 20 years and a private trust director.

You may say that you don’t need a will and trust because you don’t have the type of wealth Anita Mui had. But you too can apply the same principles according to your family’s needs. For example, you can will away your entire estate to your beneficiaries but if you have minor or spendthrift children or parents, then it’s important that you specify how much they should be receiving for their monthly expenses which is termed as “Testamentary Trust”. In addition, it is equally important to have a “Living Trust” just like Anita’s example. However, in her case, the Trustee of her will must first obtain the Grant of Probate before her entire estate could be transferred to her “Living Trust” which in Malaysia, can take 1 to 1½ years. In most cases, families need immediate funding which you can do by assigning some of your assets to your “Living Trust” like an insurance policy because money from there will flow into your “Trust” immediately upon your demise or permanent disability.

Anita’s case also highlights the importance of having honest, reliable and credible witnesses. That’s the reason why you have to appoint a credible and experienced Trustee Company like Rockwills Trustee Bhd. to set up the “Trust” and to be the Trustee for both your will and trust. Then, you can rest assured that your beneficiaries can sing “why why tell me why” everyday and still cannot challenge your decision on distribution.

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 is based in Ipoh and can be reached at: 012-5078825/ 05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my

Water, Water, Water

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By Peter Lee

If President Obama was Chinese and you asked him what his problem was in the past few months, his reply would be “I need more water (money in Chinese)”. The gist of the whole episode recently is the U.S. government needs to borrow at least US$2.4 trillion to avoid default in payment of the country’s debt, caused by spending beyond their means over the years.  This is known as “raising the debt ceiling”, failing which, the U.S. and the rest of the world will face an economic crisis. On August 2, the President finally obtained approval and signed legislation to increase the debt ceiling by at least US$2.4 trillion and cut spending by at least US$2.1 trillion over 10 years.

What this episode shows is that the most powerful country in the world with deep reserves can become vulnerable if they do not plan and manage their finances well. Taking this principle and applying it to most of our households, you would notice similarities. For instance, our monthly expenditures seem to be always chasing after our monthly income and if we cannot maintain these expenditures then a default in some of the payments is likely to happen. To cover the shortfall, some would pay by using their reserves. If this fails, then they will delay some of the payments especially credit cards.

Juggling these payments is still possible if we are still alive but have you paused for a moment to ask whether your family can maintain these expenditures if you pass away suddenly. Foreseeing this can be a problem; it is crucial you plan for them in terms of immediate funding as well as protecting the funds upon your demise. It is even more urgent if your children are still minors. One of the immediate funding that you don’t need to borrow is an insurance coverage. This is a gift and a life saver to your family. If there are minor children involved, then it is very important you set up a “Living Trust” to protect these funds. The setting up involves you, as the “Settlor”, giving the instructions to the “Trustee” on how to give the money progressively to your minor children. The Trustee can be a Trustee Company like Rockwills Trustee Bhd. Then, you have to appoint a “Protector” and “Guardian” for the Trust. The Protector acts as a watchdog on the Trustee and the Guardian take cares of the minor children if both parents are not around. Lastly, you name your “Beneficiaries”. All of these including your instructions will be stated in a legal document called the “Trust Deed”. To kick start the Trust, you must choose some of your insurance with sufficient funding and execute an absolute assignment to your Trust so that when you pass away the insurance money will immediately flow into the Trust for usage. In essence, its all about water, water, water.

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 is based in Ipoh and can be reached at: 012-5078825/05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

A Light at the End of the Tunnel

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By Peter Lee

One major concern for many wage-earners nowadays is the cost of living. The domino effect on daily necessities and services is felt when the price of fuel goes up. This badly affects the monthly budget of many motorists. Then there are the food prices which never seem to go downwards whether it is vegetables or poultry. Most wage earners drive to their office, eating out during the work day, paying for their parking, paying for their house rental or bank loan and spending on their children’s expenses. Many say that it’s very tough to even save RM200 per month with all these expenditures. The cost of living is always a hot topic among all of us especially now because it affects our daily lives and voicing our grievances over these issues is certainly valid. However, it won’t help us and our family if we don’t take action like earning some extra income for them by having an extra job or learning other skills to provide meaningful services to others.

One of the meaningful services which you can consider is the Estate Planning Services (Wills & Trust). This is a service that every family requires but until today there are still many families who do not have even a simple will because they are either unaware of the importance of it or it never crossed their minds. This is where you will fit in if you are in this service. The simple objective of this service is to spread the message on the benefits of Estate Planning for every family and at the same time earning some extra income for your family. Some of you may ask, “Where do I look for my prospects to spread this message?” The answer is, “the prospects are already in your hands.” For instance, our daily lives involve meeting our colleagues everyday in the office, having meals with them, catching up with friends over tea and what do we usually talk about? Usually, it’s about our work, families and casual talk. Here is where you can make a difference by sharing with them the importance of having a will. But you must set an example by making yours first.

For a start, to acquire some knowledge in Wills and Trust, you can first join an Estate Planning Company like Rockwills who are the pioneers in Estate Planning services for the past 15 years. The company has a team of full-time lawyers specialising in this field, who have trained many individuals to help families fulfil their wishes with a will. To complete the Estate Planning picture, the company also has a Trustee company like Rockwills Trustee Bhd. to provide Trustee services to families because it has the expertise, accountability, impartiality and perpetual existence. With this support, you can help many families in fulfilling their wishes and giving them peace of mind. In return you get the satisfaction of helping others and at the same time earning some extra income for your family. So don’t curse the darkness but instead take action because there is always a light at the end of the tunnel.

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 is based in Ipoh and can be reached at: 012-5078825/ 05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

A Bridge For The Union Of Two Worlds

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By Peter Lee

Not long ago I came across an article which carried a story of an 11-year-old in Sabah who killed himself because he could not stand the poverty he was living in. He was found hanged from the ceiling of his house. Apparently, he could not endure the cruel teasing at school by classmates who likened the porridge he brought from home daily to that of dog vomit. Nadarajah was once a carpenter in the city. He suffered a stroke in year 2004. As a result, he lost his ability to work and provide for his family. His entire family now risk losing their home because they could not afford rental. Mariam suffers from renal failure and her crippling medical cost for 12 dialysis treatments is RM540 per month. Her father is always away from home and she is desperate for help. Lingam was paralysed since age 19 from a fall. He is now living on Social Welfare with a monthly allowance of RM150. His family depends on food donations. These sad stories tell us that the world of poverty has no sympathy and it is happening around us right now and there are many similar cases across the country. Therefore, is there hope for them?

Their hopes will always depend on the philanthropic world. The encouraging news is that there are more and more wealthy individuals nowadays who are willing to donate substantial amounts of their wealth to eradicate poverty. Some of these whom I have known personally are doing these good deeds without any publicity. However, I am sure there are many more out there who want to do the same thing but are looking for the right people or organisation to handle their money and pass it to their intended recipients while they are alive and continue to do so after they pass away. Many charities are connected to foundations but one can consider setting up a Charitable Trust where the Trust is in your name. The advantage of this is you don’t require any approval from any authorities when it comes to setting it up because you will be the only authority approving this Trust. When setting up this Trust, you are called the “Settlor”. You get to choose your “Trustee”. In the case of continuity, then the choice of a “Trustee Company” like Rockwills Trustee Bhd is considered as most suitable because it provides expertise, impartiality and perpetuality. After you have chosen the Trustee, you can then choose your management committee whom you trust to provide sound advice to the Trustee on certain issues of donation if you are not around. Your management committee can have a minimum of 5 to a maximum of 7 members. However, if your instructions to the intended recipients are straight forward then you can leave it to the Trustee Company to execute your instructions. Then you must list down the choice of your recipients, the criteria of donation and the initial amount for funding. Finally, all this information must be stated in a legal document called the “Trust Deed” and this is the bridge for the union of two worlds to unlock the chain of poverty.

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 is based in Ipoh and can be reached at: 012-5078825/05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

Romance of the Three Wills

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By Peter Lee

Lim is a Malaysian businessman with businesses in Malaysia and Singapore which results in frequent travels there. Looking at his hectic life, some of his close friends have advised him to prepare a will for his wife and his three school-going children. This has been on his mind for some time but whenever he decided to do it, some other pressing business matters always took precedence. Then during one of his usual trips to Singapore, he met with a car accident. Fortunately for him, he survived but was badly injured. While recuperating he came to realise just how fragile life can be and how lucky he was to be alive. It then became urgent for him to make a will for his family. He then had to to decide how to distribute his movable and immovable assets like his bank accounts, listed shares, shares in his own Company, some properties, etc., in Malaysia as well as those in Singapore which he had accumulated over the years.

In his position, it is advisable for him to prepare two wills. One will should be drawn up mentioning only the assets in Malaysia and another one for assets in Singapore. He then has to appoint executors for the Malaysian and Singaporean wills. He could choose his family members such as his wife and relatives or a Trustee Company like Rockwills Trustee to be the Executors/Trustee. However, considering his assets which are in two countries and the size of his considerable estate, it is best he chooses Rockwills Trustee Bhd for the will covering Malaysian assets and Rockwills Trustee Limited which is based in Singapore for the will covering assets in Singapore. The next important appointment is the Guardian for his minor children if he and his wife pass away together. Their choice would depend very much on the relationship between the chosen Guardian and his children. Lastly, he must write down his wishes as to how to distribute to his wife and children. Since the children are still minor then it is important to set up a “Testamentary Trust” in the two wills specifying the payment for their monthly maintenance. In addition, he should also set up a “Living Trust” in both the countries to provide immediate funding for his estate. One may ask why he can’t write a will in Malaysia covering assets in Malaysia and Singapore. If he has only one Will in Malaysia, he must first apply for a Grant of Probate in Malaysia and with this probate he can then only proceed with applying for a resealing order from Singapore to unlock all his movable assets there which may not be unlockable because land laws covering property differ in different countries. The other factor in favour of a separate will covering assets in Singapore is that he only needs to apply for the Grant of Probate with the Singapore lower courts instead of a resealing order with the Singapore High courts which is more costly.

While writing the two wills, it is of great importance for Lim to have a third will which is the will power to complete the two wills. Will power is like the romance that sustains and completes a relationship and this relationship is likened to the two wills.

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 is based in Ipoh and can be reached at: 012-5078825/05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.

I Just Met My Executor In Heaven! So How Now?

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By Peter Lee

Tan is a widower with three children aged 8, 10 and 12. Not long after his wife’s death, he was diagnosed with terminal cancer. The children have been under his care with the help of his mother and sister. Anticipating the worst, he quickly made his will for the welfare of his minor children. In his will, he appointed his sister, Jocelyn to be the first Executor/Trustee and brother, Jason to be the substitute. Subsequently, he also chose Jocelyn to be  the guardian of his minor children due to the fact that her own children and husband are quite close to his children. The instructions in his will was to have his estate distributed equally to his three children. The Executor/Trustee is instructed to hold on to the estate and use it for his children’s living, medical and education expenses. Thereafter, to release the balance of the estate to them when his youngest child attains the age of 23.

Several months after doing his will, he died. So, Jocelyn, being the Executor/Trustee of the estate, applied for the Grant of Probate. When the probate was obtained, she collected all the movable and immovable assets. Subsequently, she started using the funds in the estate to take care of Tan’s children. After six months into her role as the Executor/Trustee, she was killed in a fatal accident and all of Tan’s assets, which are now under her name, are frozen. When this happened, I think Tan is going to say “I just met my Executor in heaven! So how now?” To unlock Tan’s assets, the Executor/Trustee of Jocelyn’s estate must first apply for the Grant of Probate for her estate. Presuming that her husband is the Executor/Trustee, it is his responsibility to execute his wife’s estate as well as Tan’s estate because Jason,
who is the substitute Executor/Trustee, cannot automatically take over the responsibility from his deceased sister.

In order to take over, Jocelyn’s husband must resign as Executor/Trustee of Tan’s estate and allow the beneficiaries of Tan’s estate to appoint Jason to replace him. Since Tan’s children are still minors, their
guardian must appoint the Executor/Trustee. Thereafter, Jason must apply for “Letters of Administration with the will annexed” to assume the role as Administrator of Tan’s estate. This would definitely delay the process of unlocking Tan’s estate and while awaiting for the “Letters of Administration with the will annexed”, Jocelyn’s husband would most likely have to take care of Tan’s children financially for the time being.  It can take years before Jason can take over from Jocelyn to administer the estate of Tan. In this situation, just imagine the financial hardship Tan’s children and Jocelyn’s husband will have to go through.

It is not easy for a family to deal with an estate of this kind knowing the fact that most would be lost in normal estate administration. One may argue that it doesn’t happen to every family which I agree. But taking Tan’s case as an example, would it not be more secure to appoint a Trustee Company like Rockwills Trustee Bhd. to be your estate’s main Trustee because at least it has perpetual existence. In addition, it provides expertise, impartiality and professionalism.

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 is based in Ipoh and can be reached at: 012-5078825/05-2554853 or excelsec@streamyx.com. Website: http://www.wills-trust.com.my.