Executor and Estate Administration

Having a Wasiat can hasten the distribution of one's estate upon death. In any case, an executor or administrator needs to be appointed. A party that is entrusted to manage a testate estate is known as an Executor, whereas one that manages an intestate estate is known as an Administrator that ensure the beneficiaries' interest are fully protected and cared for.

It is always advantageous to have a trust company partake in administering one's estate or without a wasiat. Compared to appointing individuals, trust companies offer the following benefits :

• Expediency : Having specialized in handling estate matters.
• Exemption from administration bond: A trust company is exempt from providing Administration Bond, which is required of individuals as security for administer estate that exceeds RM50,000
• Perpetual existence : A trust company can exist in perpetuity. A trust company can ensure continuity in the administration process until the final distribution is made.
• Accountability and impartiality : A trust company ensure that the monies bequeathed are properly managed, accounted for and distributed.
• Professionalism and competence : By appointing a trust company, the assurance of professionalism and competence in the overall administration work done, at a very competitive pricing.
• Convenience and professional service : Islamic Estate Planners can visit the customer at a time and place (within reasonable limits) of the customer' choice, to give them flexibility, privacy, comfort and peace of mind.
  

It is encourage all not just meticulously plan their individual selves but to integrate the practical, financial and consequential well-being of their loved ones even if they are no longer around.

Source : SmartInverstor magazine, June 2006 by Jasmin Jamaluddin of As-Salihin Trustee Bhd.