Want to ask anyone has any experience with trustee like Cimb trustee, RhB Trustee, prefer bank backed trustee (aside from rockwill) for their will services?

What do they need, what their charges like, what will they need or ask when drating a will? Are dealings through agent or direct with the bank.

As salihin trustee. 1.8% max charge from testator's assets. Agent.

If my asset is RM 1 mil, means the charges is RM 18k. What is the frequency of the payment and what are the services included in this fee?

Also, I prefer bank backed trustee.

yeah I saw you response but i don't want to commit to anything yet until i know a bit more.

my mom using public mutual many years ago. there are 2 part of charges

1 = draft, stamp bla bla on the will. which is around few k like 2k if not mistaken.
2 = execute and keep the will. this is based on a min amount or % of your assets whichever is higher.

so if you keep the will yourself, appoint your 3rd to execute for you. thats cheaper. anyway, im layman with no experience. just bring my mom to public mutual maybe 10 years ago ?

Lol i c what u did there.

Tbh, i prefer bank back trustee instead of lawyers or third party. Before i approach the bank, i want to have some insight on how they work or client exp. If the charges r too high, i probably will stop my enquiry in this thread.

All i want to ensure thay, if anything happens to me, i dont want bank officers be giving excuses or delaying disbursement.

Why are You engaging Third party to draft a will and pay exorbitant charges. My family Just appoint Lawyer to do the will and cost 500 only. After that, Lawyer will need to Handle probate also. Anyway, the Lawyer will give an original copy to the property owner and trustee. That would be Safe If Anything happen

How exhorbitant?

Personally, i experienced at work and other relatives, lawyers a lot of problem when comes to execution. Document incomplete, fraud and so on... i am a bit weary. So yeah i am exploring avenues.

Say when Rhb Trustee serve notice, i ever see monies disbursed within a week. That also because they a bit slow in submittin redemption form.

Lawyers, ask for authrotiy letter, indemnity n undertaking and a shitload of other red tape.

Haha.. Maybe Your Lawyer too Busy n delegate to staff. Our Lawyer will Handle directly the case. Alwiz update in the email. So far many cases No issue. Try find Lawyer WHO Handle directly instead. Less hassle

Also pray that your lawyer and his business can live longer than you.

u have to know. if you can go for

1. lawyer to do the execution for when you are gone
2. appoint 3rd party to execute for you when you are gone

for my mom case, she appoint her younger brother as executor. according to my memory, all you need to do is bring the will to court. declare, yada yada and then done.

The Lawyer is young So No issue about that. Haha

aurora97 if your sum is sizable enough, you may want to consider setting up a trust fund entirely as i think it's easier for execution and cost is also reasonable to a certain extent considering the amount of work involved.

That's different level already. I am comfortable, where i am but not that rich to afford a trust fund.

I just want to know, in case a life event happens, my family got access to my funds efficiently.

Also, i want an established executor, wont perish, abscond, go out of biz over time (seen too many). Nowadays, even go layer commit sucide, just to tell you how bad biz is.

So yeah... planning ahead.

Also, i dont wan to be serviced by intermediaries. Really annoying and i have to pay them a cut.

not for rich man anymore.
so long your asset including cash have certain threshold, it's worth exploring dy.
no need multi millions anymore.

Tell me more 🤔...

You got any banks or contacts that i can go poke on?

Smells very private bankingish...

rhb was the trend setter then.
but charges exorbitantly.

try poking cimb and other bank to learn more.

good luck boss.

just sharing:
my Will, testamentary trust & insurance trust is with http://www.pacifictrustees.com/

also, i'm no bazillionaire (yet) + my Will & Trust is a bit more complicated than norm - i've a child from first marriage + wife & child + mother to plan for IF go too soon VS WHEN i go after they are "setup".

Ok that's some heavy lifting going on there...

Btw, assuming if a person passed away, does the estate still need to pay alimony?

Thanks for the heads up, never heard of Pacific Trustee though but their board members are quite an interesting mix...😗

Aside from thay, how did you find Pacific Trustee?

How's the servicing?

Any indication as to fee payable per annum, i tried looking for the fee section but didnt see any.

aurora97 have you found your trustee? I'm looking for similar solution as well but would like to know the cost impact

RHB trustee fees:

Basic Will - 12 clauses RM 450
Custody life time RM 800
Optional to appoint them as executor.

More inform call the undersign. tq