One of the major decision that must be made when a person is planning their will is to choose their executor & trustee, if it's a female, she's called executrix.
Ultimately, your executor is a person that makes sure that your wishes in the Will are properly executed or carried out.
Duties of executor and trustee 1.
locate your will 2.
call in your assets and place under their name 3.
pay your debts 4.
distribute your assets according to will 5.
prepare a statement of accounts to beneficiaries 6.
make funeral arrangement Looking at the duties, it's no doubt that an executor & trustee is such an important person in you Will.
Therefore, you should take more time to think about who you wish to appoint as executor & trustee.
The following are some questions to ask when considering a executor.
1.
If you are leaving your entire estate outright to your executor/trustee, is he/she capable of administering your estate? 2.
Is he/she geographically strategic enough to be your executor/trustee? Logistical problems is to have your executor appear when paperwork need to be sign or consult with lawyers.
You should be aware that if you appoint someone who is not living in Malaysia, it might be troublesome for him to administer your estate.
3.
Does he/she has time to execute your Will? Is he/she working or has a demanding work that will delay the process of your asset distribution? 4.
Does the appointed executor/trustee willing to act on your behalf? You will need to seek consent before appointing someone to be executor/trustee.
In appointment of executor or trustee, you can always appoint a SOLE executor or trustee.
Alternatively, you can appoint two people to JOINTLY act as executor or trustee.
However, more people prefer to appoint a Trustee company to avoid running into unforeseen risk of having a natural person act as executor or trustee.