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

any sifu can help me take a look at the pricing attachment:


what's the different between estate management fees & executor fees?




Attached thumbnail(s)

Estate Management fees & executor fees referring the same fees where a trustee company is appointed to execute the will. This fees is based on the gross value of the assets. Eg ur total asset worth 5mil then 1mil is 1% and balance on 0.5% total to pay for is Rm30,000 based on the attachment calculation.

thx for your explanation,

but the notes:
estate management fees does not cover legal fees, disbursement for grant of probate application, transfer of deceased assets to beneficiaries, etc

that's the part i confused and concerned, like there's many layer of fees as the process goes by.



btw, u from rhb trustee? i may consider that as well if u still works with them.

Hello, I think I unable have this PBTSB page info, would you mind upload "full page of this PBTSB will service fee", I hope can see the top(???) and bottom(Set up fee for Testamentary Trust:...) and where you get this PBTSB page?

Thank you.

I give a example for easy understanding:-

Eg: 5mil of assets value
The estate management fees is Rm30,000 on top of that you need to prepare another 50k for apply grant of probate (currently price is e.g 3-5k) and the transfer of property lawyer fees and etc.

I’m still working with RHB trustee.

https://www.pbebank.com/PB-Trustee-Services...ces-Berhad.aspx

contact them, and they will send u much detail email.

what's the purpose of estate management if that do not cover transfer,

i just wanna past my asset to my family if anything happen,

should i just goes to lawyer?

Thanks, but at this moments maybe I not email them.

[quote=leelazens,Sep 24 2019, 03:52 PM]

[/quote]

https://www.pbebank.com/PB-Trustee-Services...ces-Berhad.aspx

contact them, and they will send u much detail email.

[/quote]

To choose the trustee company as executor is optional. Lawyer charges is about the same too. Bcoz trustee companies handle lots of will case so they r very familiar with the work compare to lawyer.

how to get will writing to cover foreign asset like public company stocks hold in Singapore?

For foreign bank account or shares account you may include it in the Malaysia’s Will.

If Foreign properties better get a separated will in the respective country.

so malaysia will would works on foreign country and the executor able to request the foreign bank or breakage firm to pass the asset to nominees?

Yes, executor can do so. Just to reseal the will in Singapore.

I have decided to set up a trust fund since I want much of my money to go to charities. Is there anyway I can find a comparison of the charges by bank trustees? Or are the charges set by BNM? A few of the will writing and estate management firms I have contacted seem to work with RHB trustees. How about Maybank? Cimb?

I do have 5 corporate trustees that I work with including offshore (depending on how you would like to structure the trust fund).

The other method is, you can try to enquire 1-by-1 by calling in.

I think RHB Trustee has given outsource licensees to agents, FA etc. Whereas MBB and CIMB and most bank trustee only for their internal staff to promote their will writing and trust service.

What kind of trust u wan to set up? private trust, insurance trust or just testamentary trust?

I don't have much to work with offshore fund, 😬
But enough to set up a private trust and separate it from my estate. I thought the trustees would invest for me but it turned out I have to assign another firm for that part. Are you an investing firm working with those corporates?

A private trust fund or a living fund is another term, I think.

I have only spoken to two investment firms that are working with RHB trustees. But as @lifebalance says better check out each one.

I think I'll do that.

I'm not an investing firm.

I'm a Licensed Financial Planner. We provide Holistic Planning on your investment, retirement, insurance, estate panning, cash flow management and taxes.

If you're looking specifically for sophisticated investments then perhaps you should look for investment advisors.

Do check this company http://www.arecacapital.com/ - They are a mutual fund company but they have this product call Cash Trust Fund. Min 1mil cash to place into this Cash Trust then this company will help to manage the funds and the trustee company is under Affin Hwang. You can write all ur instruction inside.

If u need the contact can PM me.

That's what I am looking for, to compare services. Thank you.