Estate Administration Services PackageSave Cost & Speed Up Process
UPrepare is an Estate Administration Services Package offered by Rockwills Trustee Berhad to save estate administration cost and speed up the distribution process.
There are many matters to be settled by an executor before distribution. These include collecting all immovable and movable assets (including bank accounts, vehicles, shares in companies, unit trusts, house etc); settling the debts of the deceased (including income tax and loans); and applying for grant of probate and submission of the relevant documents to the High Court; dealing with government authorities and financial institutions.
Appoint us as your Executor and buy our UPrepare packages and your family members are saved from all the above inconveniences!
Unique Features of Estate Administration Services Package – UPrepare:
- Enjoy today’s estate administration rates and hedge against inflation so that your estate is not affected by future rates increase;
- Enjoy preferential rates through our strategic alliances with professionals such as lawyers, tax consultants, fund managers, accountants and property agents;
- All the benefits of UPrepare are transferable to any person during your lifetime for a transfer fee of RM100 only;
- Nationwide access to our Rockwills Estate Planners;
- Prevent unnecessary delays to distribute the estate to you loved ones;
- Making the necessary arrangements for legal representation to apply for Grant of Probate;
- Professional support from experienced and practical professionals within Rockwills Trustee Berhad.
UPrepare Types & Benefits
There are two types of UPrepare i.e. UPrepare Diamond and UPrepare Jade2. Each provides different benefits:
| Area | UPrepaid Diamond |
|---|---|
| Executor Appointment Fee (exclude any taxes payable) | + WAIVED for Sole Executor or First Substitute Executor Appointment
(Provided UPrepare is subscribed within 90 days from the date of the Will) + RM120 payable for Second or Third Substitute Executor Appointments |
| Estate Administration Discount | 15% - 30% |
| Period of Fixed Estate Administration Rates | Perpetual |
| Private Trust (inclusive of Testamentary Trusts) | 20% |
| Administration Discount (where Trust Fund size is above RM100,00) | 20% |
| Transferable | Yes (with a RM100 transfer fee charged) |
| Refund of UPREPARE Subscription Fee | Refund of RM1,800 if the estate administration fee > RM6,000 |
| Area | UPrepaid Jade 2 |
|---|---|
| Executor Appointment Fee (exclude any taxes payable) | + WAIVED for Sole Executor or First Substitute Executor Appointment
(Provided UPrepare is subscribed within 90 days from the date of the Will) + RM120 payable for Second or Third Substitute Executor Appointments |
| Estate Administration Discount | 15% - 30% |
| Period of Fixed Estate Administration Rates | Perpetual |
| Private Trust (inclusive of Testamentary Trusts) | 20% |
| Administration Discount (where Trust Fund size is above RM100,00) | 20% |
| Transferable | Yes (with a RM100 transfer fee charged) |
| Refund of UPREPARE Subscription Fee | Refund of RM1,200 is NOT applicable |
In the process of estate administration, the role of executor is very important. Do not know who to appoint as executor? Refer to the table below on pros & cons of appointing different individuals as your executor.
| Executor | Individual | Lawyer | Trustee Company | Bank Owned | Non-bank Owned | Rockwills Trustee (Licensed Trustee Company) |
|---|---|---|---|---|---|---|
| Issue | ||||||
| Continuity in Executor Role | X-illness, Incapacity, Senility, Death | See Individual | Yes | Yes | Yes | Yes |
| Continuity in Business | ? | May give up business | ? | ? Some Banks Stopped |
? Some discontinued |
Yes |
| Competency | ? Competent may not be experienced | See Individual | ? | ? | ? | Yes |
| Experience | ? | ? | ? | ? | ? | Yes |
| Commitment | ? | Yes | ? | ? | ? | Yes |
| Confidentiality | ? | Yes | Yes | Yes | Yes | Yes |
| Security – Safe from loss or damage? | ? | ? | ? | ? | ? | Yes |
| Traceability – for asset discovery, rent recovery, etc | ? | ? | Yes | Yes | Yes | Yes |
| Accountability – accounting and tax | ? | ? | Yes | Yes | Yes | Yes |
| Internal Controls – to minimize fraud and errors? | ? | ? | ? | ? | ? | Yes |
| Cost – expensive? | Allowed under s43 of the PAA 1959 to charge up to 5% | See Individual | Ranges from 1.5% to 4% | Ranges from 1.5% to 4% | Ranges from 1.5% to 2% | Ranges from 0.5% to 1.8% |
| Speed? | ? | ? | ? | ? | ? | Internal monitoring to minimize delay |
| Heart – not care enough? | ? | ? | ? | ? | ? | Many instances of extra mile |
| Financial Safety – Assets kept separate from own? | ? | ? | Yes | Yes | Yes | Yes |
| Financial Safety – What if bankrupt? | ? | ? | - | Banks may also fail. Trust assets transfer to another licenses Trust Company. | Trust assets transfer to another licenses Trust Company. | 18 years, strong balance, strong shareholders, Trust assets transfer to another licenses Trust Company. |
| Comprehensive? | No | No | ? | No | No | Will-Writing, Will Custody, Trustee Services, Estate/ Trust Administration, Bereavement Care, Offshore Services & Estate Planning Advice |
For more information about estate planning, please call us for FREE CONSULTATION at:
012-369 1993
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