Hi,

Is there annual charges for appointing Executor??? I think you might have mistaken for trustee charges whereby if a TRUST is set up to manage the estate, there will be annual fees of about 0.5%. I am not setting up a trust. I am writing a will and appoint executor. I believe it is once off charge upon DEMISE of the person. Please clarify.

Thx

Hi Constant,

I apologize if the my statement was not clear earlier. You're right as the executor appointment fee is RM100 plus RM800 for the lifetime custodian services. The rest of the charges applies for the estate admin which is as follows;

1st year, 1 to 2%
Subsequent years, 0.5 to 1%

Cheers,

HH

This post has been edited by HHalphaomega: Sep 25 2010, 03:46 PM

Hi.. What is an estate admin for??
Are the 1to 2% on your total assets?

Insurance Endownment no cost (of cause agent comm)

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Added on March 12, 2011, 12:30 amTerbalik 50% children 25% parent 25% spouse

This post has been edited by jamzz: Mar 12 2011, 12:30 AM

The admin fee is charged based on the value of your estate ie. assets + returns if any.

If you do not have dependents (i.e. children and wife), if you die your assets go to parents (who at this stage still not that old- unless you are already a 40 year old virgin).

I am getting mine once married. Or if some China woman proves that her child is mine

just search around and found out more about Rockwills...they are actually a group of companies where Rockwills Corporation Sdn. Bhd. focuses on will writing & Rockwills Trustee Berhad focuses of trusts, estate administration & executoship

what happen if I die without will? no wife no kids, assets goes to parents?

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Added on April 7, 2011, 3:36 pmand something I wanna ask...

last time i dunno what my sister give me to sign..it has something like "waris" something like that, could it be she let me sign a paper says if i die my assess pass to her? I cant remember any of the contents tho.

This post has been edited by ah_suknat: Apr 7 2011, 03:36 PM

Die without a will = intenstacy = assets will be distributed according to Distribution Act 1958 (for Peninsula Malaysia + Sarawak) or Intestate Succession Ordinance 1960 (Sabah), court order required = LA (Letter of Administration)

Die with a valid will = testacy = assets will be distributed according to the will, court order required = GP (Grant of Probate)

Die with a valid will but it does not dispose all of the estate or no executor named in the will = partial intestacy, court order required = LA with Will annexed = same process as intestacy

Am not sure about Muslim wasiats under Faraid law though...anyone would like to share?

This post has been edited by WinDu: Apr 7 2011, 04:18 PM

the taboo of will writting is not norm for malaysian. i wonder anyone of you dare to ask parent this question?
mom! dad! did you guys prepare a will for me? may i know who is the executor and witnesess. once we ask , most likely we get nothing or probably the money goes to the siblings that is too stupid to even bother as they are seen as filial one.

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Added on April 9, 2011, 12:19 pmwhat is a better way than stating the will with Video camera with Watermarking Feature ? Video should be the most authenticate one except that files may get error but thats another issue. well, executor and witnesses can all sit side by side when shooting the video . can this be done?

This post has been edited by hackwire: Apr 9 2011, 12:19 PM

My dad did it when I was 20.

My mom takes 50%, me 25%, my younger brother 25%.

u r so lucky . how did u know of it by the way?

Unfortunately, the above is not allowed for Common Will simply because the Wills Act only recognises written will.

As for me,
i) Will done - checked
ii) Testementary Trust done - checked
iii) Declaration of Trust done - checked.

Xuzen

you can ask your dad

i dont own anything...so..no need to write will...not yet...

Firstly thanks all contributers, kindly forgive my layman terms..

Let's say the person wrote the will has passed away.
How would the benficeries know there is a will exist ? Who will notify the beneficiaries ?

If there is a will written & 3 beneficiaries still alive stated to receive,
does all of them have to appear in front lawyer when will is presented ? or just 1 or 2 person will do ?
This will leave the 3rd person unknow & can this 3rd person sue the lawyer ?

sorry for the complicated issue, how you all can advise me. many thx

First- inside that will, there will be at least 2 appointed person to administer the Will, something like administrator

Second - usually there will hv 2 copies of the Will, either both keep by the deceased or 1 copy with the lawyer/administrator

third - either ways, the administrator need to call all parties in the Will before he/she can read it... if by lawyer also, same situation. If one of the party not around, there is possible room for that party to dispute the Will (then it will go to the court to decide, mind that it will take quite a time, some maybe years to settle)


fourth - can sue the lawyer??? depend whether the lawyer breach his professional duty or not lol... (like fraud, breach of trust etc).... hope can clear some issues of yours la...

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Added on November 24, 2011, 7:10 pmbetter to have a Will to secure the interest of the people you will leave behind (touch wood la)... except KWSP la... you have to have named your beneficiary in KWSP...

Will is important because you still have bank's account, maybe SOSCO compensation, insurance compensation by your company or third party and etc....

This post has been edited by eddytbd: Nov 24 2011, 07:10 PM

I think there's something not too right with the above, i stand to be corrected

1. In a Will, ada "AT LEAST 2 appointed person to administer"?
I think it's called an "Executor" and perhaps, failing the 1st executor being around, MAYBE there's a 2nd

2. There can be 1 original and several copies of a Will.
Original is usually kept by the appointed Executor
Copies usually kept by "deceased" (write will thus must die?) and beneficiaries - beneficiaries should be informed of who to look for when "deceased" dies

The rest depends on how dodgy, sneaky and smart the Executor is VS the beneficiaries

i may be wrong though

BTW, other than a Will, it may be a good to list down ALL your assets, insurances, etc.,
how to access them
and how to use them to settle debts/live on forever or until beneficiaries' lives stabilizes (after one is gone), ESPECIALLY if the beneficiaries arent too savvy financially. Just a thought.

This post has been edited by wongmunkeong: Nov 24 2011, 07:28 PM

Just had a chat with CIMB trustees today , lowest rate in the market

What's their/CIMB Trustee's rate like?