Appointing the right executor in the Will is as important as leaving a valid Will for family after someone has passed on.

Executor’s Duties

The responsibilities of the executors may differ due to the factors such as

1. The size of the deceased's' assets

2. The value of the deceased's' assets

3. The beneficiaries’ age

4. The distribution process

Generally, the duties of an executor such as:

1. Apply for the grant of probate to unfreeze the frozen assets.

2. Collection and recovery of the deceased’s assets.

3. Pay off the deceased’s tax, debts and liabilities.

4. Distribute the remaining properties and possessions according to the terms and instructions in the Will.

To Become An Executor Does Not Need any qualification,

but it is important to appoint someone reliable because this is a tedious task and the executor must have the time and ability to perform the task. As such, crucial care must be taken when appointing an executor to execute your Will.

The age of the executors.

Generally, the testators can appoint anybody to be their executors. However, if they appoint someone who is still a minor at the date of their death to be their executor, the minor will be unable to apply for the grant of probate to unfreeze their assets.

On the other hand, if the testator appoints someone who is too old, there are high chances that the executor may have predeceased them or the executor may be incapacity to administer their estate. As such, it is always good to consider how old the executor will be in 10 years time.

Location of the executors.

The general rule is that the testators can appoint someone who resides outside of Malaysia to execute their Will. However, it is always preferable to appoint somebody who stays in the same city where the majority assets are located. This allows the executors to keep their eye on the assets while the estates are being settled. Also, it will minimize the delay in the process involved and the executors can be available for court appearances.  Furthermore, if the executor travels from a great distance, they may have to travel several times to sort everything out and thus, greater expenses may incur.

How many executors can the testator appoint?

The testators can appoint multiple executors to act jointly in their Will. However, problems may arise when there are too many executors, especially when they are unable to work together. This may lengthen the administration process and make it stressful and inefficient. In the worst-case scenario, they may renounce their position as your executor.

While appointing too many executors creates problems, appointing only one executor may place too many burdens on his/her shoulder as this is always a monumental task. Even if the Will may be simple, the task which he/she needs to perform may be complicated and time-consuming due to lack of information or knowledge. For young executors, they may have limited liability in performing the task. So, the testators should always appoint an experienced joint executor to assist the young executor in administering the estate. This will further protect the interest of the beneficiaries in the Will.

Should the testators appoint professionals as their executors?

If the Will is not complicated and requires no specialized knowledge, it is advisable to appoint family members who are trustworthy to be the executors as this helps to save cost and they understand the family relationship situation better. However, while dealing with the grief of losing their beloved family member, they might not be able to take the administrative burden themselves at such a difficult time. Thus, it is a wise choice to appoint the professionals as the executors.

On the other hand, if the testators have complicated family relationship and there are highly likely to be family disputes upon their demise, complex property issues or complex financial situations, they should consider to appoint a skilled and trustworthy professional to administer their estates as they have the respective legal knowledge to solve all the legal issues.

Can the beneficiaries be the executors?

Commonly, testators will appoint their beneficiaries in their Will to act as their executors. This can ensure that the instruction in their Will can be executed efficiently as they are also the beneficiaries.

Does the executors need to be informed about the appointment?

The job of an executor may be complicated even if the Will is simple. As such, it is better to have someone willing to perform the task. This also avoids renunciation of executorship in the future which may lead to other problems.

Does the executors need to know the content of the Will?

The testators do not have the onus to reveal their Will to their executors. What they should reveal is the place where they keep their Will as this will allow the executors to retrieve their original Will at the necessary time.

In order to ease their workload, they should also list down the relevant details of their assets in an inventory booklet for their executors. This can also avoid problems such as omission when the executors are searching for the assets which will eventually lead to other issues such as unclaimed assets.

From all the fact you understand about how important of choosing the right Executor for your Will,

now you can understand better why Rockwills, as a Trustee company, people like to appont as their Sole Executor for this Will,

Advantage Of Appointing Rockwills Trustee as Executor

Legal knowledge

We have more than 30 in-house legal experts and professionals to assist and advise in the event of any issues that arise in the administration of your Will and Trust.

Perpetuity

You are assured that the company will exist in perpetuity, unlike a named individual Executor who may pass away before or in the midst of carrying out his/her duties.

Adequate resources

Unlike an individual Executor, we have experienced and skilled staff with the time and resources on hand to administer to your estate and Trust.

Impartiality & Security

You are secure in the knowledge that we are completely impartial when executing our duties and our only aim is to carry out your written wishes while adhering to structured processes and procedures.

Professional indemnity

An individual Executor and Trustee who has not carried out his/her duties properly may not be able to pay for any losses created, whereas we have substantial amount of professional indemnity insurance in the unlikely event that it is needed.

Vast experience as Executor

More than 65% of Testators who appointed us as their Executor did so because of our in-depth knowledge and vast experience.