Estate Administration Services
Are you worried that in future costs will go up and burden your loved ones? You can solve this though a special service called UPrepare.
What Is UPrepare?
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 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.
UPrepare Types & Benefits
There are two types of UPrepare i.e. UPrepare Diamond and UPrepare Jade 2. Each provides different benefits:
| Area | UPrepare Jade 2 | UPrepare Diamond |
| Price | RM 1,200 | RM 1,800 |
| Refund of UPrepare Subscription Fee | Not Applicable | Subscription fee of UPrepare will be refunded when estate administration fee charged for the first year is above RM6,000 |
| Executor Appointment Fee
| Waived for
RM120 is payable for Second or Third Substitute Executor Appoinment | |
| Estate Administration Fee Discount |
| |
| Period of Fixed Estate Administration Rates | Perpetual | |
| Private Trust Administration Discount (includes Testamentary Trust) | 20% (Where Trust Fund size is above RM100,000) | |
| Transferable to Living Person | Yes (with a RM100 transfer fee charged) | |
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 Issue | Individual | Lawyer | Trustee Company | Bank- owned | Non-bank owned | RWT (Licensed Trustee Company) |
| Continuity in executor role | X-illness, incapacity, senility, death | See individual | √ | √ | √ | √ |
| Continuity in business | – | May give up business | ? | ? – some banks stopped | ? – some discontinued | √ |
| Completency | ? – competent may not be experienced | See individual | ? | ? | ? | √ |
| Experience | ? | ” | ? | ? | ? | √ |
| Commitment | ? | √ | ? | ? | ? | √ |
| Confidentiality | ? | √ | √ | √ | √ | √ |
| Security – safe from loss or damage? | ? | See individual | ? | ? | ? | √ |
| Traceability – for asset discovery, rent recovery, etc | ? | ” | √ | √ | √ | √ |
| Accountability – accounting and tax | ? | ” | √ | √ | √ | √ |
| Internal controls – to minimize fraud and errors? | ? | ” | ? | ? | ? | See our corporate governance structure |
| Cost – expensive? | Allowed under law to charge up to 5 % | ” | Ranges from 1.5% to 1.4% | 1.5% to 1.4% | 1.5% to 2% | See table 0.5 to 1.8% |
| Speed? | ? | ” | ? | ? | ? | Internal monitoring to minimize delay |
| Heart – not caring enough? | ? | ” | ? | ? | ? | Many instances of extra mile |
| Financial safety – assets kept separate from own? | ? | ” | √ | √ | √ | √ |
| Financial safety – what if bankrupt? | ? | ” | ? | Banks may also fail. Trust assets go to another licensed trust company. | Trust assets go to another licensed trust company. | 18 years, strong balance sheet, strong shareholders, trust assets go to another licensed trust company. |
| Comprehensive? | x | x | ? | x | x | √ Will, custody, trustee services, trust/ estate administration, bereavement care, offshore services & estate planning advice. |