A Will contains the last instructions of a person with regards to the distribution of his property and other matters.

The person or persons, who has been specifically chosen and named in the Will to be in charge of administering the estate and to carry out the instructions in the Will is called the executor or executors as the case may be. The executor can either be an individual (wife, brother, son or friend) or a trust corporation (OSK Trustees Bhd). If one or more of the beneficiaries are still minors once the Will comes into effect, then according to law there must be at least 2 individuals or a trust corporation acting as the executors.

The general duties and responsibilities of the executor and trustee :

• locating the Will and applying for the grant of probate
• consulting and liaising with the family members, legal and business associates
• identifying and determining assets and debts;
• valuing the assets;
• protecting and managing assets;
• paying creditors, including all appropriate tax authorities.
• distributing estate assets.
• preparing the statement of account.

Estate administration is a time-consuming and complicated process that may span years even for an experienced trustee. Administrating a deceased’s estate can also be like walking through a minefield for inexperienced executors, especially when they are unfamiliar with the various laws which are relevant to their duties including but not limited to the Probate and Administration Act, Trustees Act, Income Tax Act, Civil Law Act etc. not to mention property management. As such, although you may have good intentions, naming a friend or relative who is unfamiliar with the legal intricacies as the executor of your estate may have serious implications. Give careful thought to who you should appoint as your executor as this is important to the security of your loved ones. By naming a professional trustee such as OSK Trustees as executor with the requisite specialized knowledge, you remove this burden from your family and ensure that your estate is settled promptly, efficiently, and according to your wishes.