Will Executor

April 28, 2010 | Post Comment   

A Will Executor is some who execute the Will or the deceased wishes. It is not an easy job as he/she will need to engage a lawyer to get a court order or grant of Probate to distribute the asset in the Will accordingly.

For any transfer of property, again he needs to seek lawyer to carry that out. By the way, any transfer of property will required legal fees or stamp duty as below.

Legal Fees:

  •    1% on the first RM100,000.00
  •    0.5% on the next RM4,900,000.00
  •    0.25% on the remainder

Stamp Duty:

  •    1% on the first RM100,000.00
  •    2% on the next RM400,000.00
  •    3% on the nest RM1,500,000.00 and
  •    4% on the remainder (item 32 [a] of the Stamp Act 1949)

Above has to be paid by the executor but he/she can get the money from the Will for administrating the distribution.

Documents required for grant of probate:

  •       Original Death Certificate of the Deceased
  •       Copy of Executor’s Identify Card
  •       Copy of All Beneficiaries’ Identify Card
  •       Original Will
  •       Deposit for legal fees

The executor can be a beneficiary of the Will. The executor must also clear off the deceased’s debt before distributing the Will’s asset.

In cases where there is no cash in the Will, the executor may need to liquidate the property to pay for the debt, taxes and other expenses. However, the beneficiaries may not agree to the sale of the property.

Here is a detailed chart of the Executor Roles & Responsibilities from VitalWills.com: DutiesofExecutor.pdf

However if you have very few properties, it is not a big problem for the Executor. If you have a lot of properties and asset, maybe you should consider a professional Executor.

Will Act: http://www.mylawyer.com.my/law/Wills_Act.php

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