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What is Estate Administration ?
Estate Administration is a process of unfreezing the deceased estate starting from his/her death up till distribution to the family member. When a person passes away, the assets and debts he leaves behind are referred to as his estate. Most people are under the mistaken impression that the deceased’sbeneficiaries receive the assets almost immediately upon death or as soon as theprobate or letters of administration has been obtained. This is certainly not the casebecause there is a process to follow.
What is the Job scope involved in Estate Administration ?
Estate Administration is done by either executor or administrator. There are many matters to be settled by your executor before distribution. Where there is a valid Will, the personalrepresentative is referred to as the executor and where there is none, the administrator. This 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.
What are the Fees on Estate Administration ?
The responsibility of an executor may sound easy but it is not the case.The role of the executor or administrator is similar to that of a liquidator in thewinding-up of the company. Even for experienced personal representatives, theestate administration process may span years. Personal representatives can befamily and friends of the maker of the Will or a trust corporation providingprofessional estate administration services.
Estate Administration Fee
|Movable & Immovable Estate||Estate Administration Fee|
|First RM 1 Million||1.8% or min RM 5000 per annum|
|Next RM 9 Million||1% per annum|
|Remaining Value exceeding RM 10 Million||0.5% per annum|
Note: Charged based on remaining assets, not total asset