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•  Perpetual Existence

 

The services of an executor may be required at any point in time upon the death of the Testator, and at times the responsibility of the executor may also continue throughout a period of time especially where minor beneficiaries are involved or it can be a situation where there is a delay in the legal process. Therefore it would be difficult to ensure that the appointed individual Executor will still be around to discharge his responsibilities. As a corporation, Rockwills Trustee has perpetual existence with full time legal staff to ensure continuity in the administration process until the final distribution.

Why Appoint Rockwills Trustee As Sole or Substitute Executor in Your Will ?

Key Benefit:

• Cost Saving

• Flexibility

• No Sureties Required

• Professional and Competence

 

Cost Saving

If the appointed individual Executors in your Will decide not to act when you pass away or if he/she becomes unable to act due to poor health, work or family commitment, their refusal or resignation could cost your beneficiaries a lot of money and time because a new Administrator has to be appointed.

The cost of appointing Rockwills Trustee as the Executor or substitute Executor is only a one time fee of RM100 plus 5% service tax and the administration fees only becomes effective upon the death of the Testator or when the first Executor is unable or unwilling to act or resigns.

Flexibility

If the individual Executor finds himself not suitable for the duties and decides that a competent Trust Corporation like Rockwills TRUSTEE BHD who has the economy of scale to save cost, he would not be able to hand over the administration work, unless Rockwills Trustee is appointed as a substitute Executor in the Will. This means your Will, will be more flexible and durable if Rockwills Trustee is appointed as a substitute Executor.

No sureties required

If a new Administrators is appointed, the law requires the Administrator to provide two sureties who should have at least the same equivalent value of the estate. This is one of the major cause of most delays in administration of the deceased's estates because it is very difficult to find sureties (guarantors) whereas appointing Rockwills Trustee does not require any sureties.

• Professional and Competence
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• The misconception that appointing a Trust company like Rockwills Trustee would escalate the administration cost is wrong. In most cases the individual Executor may subsequently engage professionals to do the job. Since the individual Executor may not have the expertise or time, he will engage other competent professionals to perform his functions as an Executor. This means that the administration cost will be the same or even higher. In addition, the individual Executor still have the responsibility in law and is still liable for any legal action brought by third parties like the Inland Revenue Board and other creditors of the estate. By appointing Rockwills Trustee, you are assured of the professionalism and competence in the work done at a cheaper cost for the overall administration.

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