(English) Duties and Liabilities of Individual Executor: Legal, Debt & Tax

There is no guide in Malaysia providing any guide to an executor to be able to manoeuvre the pitfalls when acting as an executor. This is further complication with the legal responsibilities the executor will have to undertake as part of his duties as an executor. This session provides a brief guide to the tax obligations an executor has to fulfil on behalf of the deceased and on behalf of the estate.

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Payment inclusive of Replay, Certificate of Completion to manually claim your CPD/CPE points, Download of PDF Notes. Only PDF training materials are downloadable. MP4 Video Replays are non-downloadable (unlimited streaming is available for mp4 replays).

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Training Objective:

• To create awareness of the tax liabilities as an executor
• Aim is for clients to appoint RWT as the sole executor especially for large estates

Who Should Attend ?

• Individuals who are appointed as Executor
• Testators who have appointed Individual Executor(s)
• Professionals who are considering to act as Executor
• Financial Intermediaries (Insurance Agents, Unit Trust Agents, Financial Planners, Bankers & Estate Planners) who wish to better educate their clients on Executorship
• Public or Students who are interested to learn about Executorship
• Anyone Intending to Write or Re-Write their Will

01 - When the testator dies – role of executor in general How much fees or percentage can Individual Executor Charge the Estate ?

02 - Initial steps the executor needs to do before applying for probate – reading will, gathering information, appointing lawyer, checking documents prepared by lawyer, witnesses’ affidavits

• Passed away on 3 March 2020
• Appointed his son who is 35 years old as executor
• The deceased owned the following assets:
• 1 bungalow house valued at RM1.5 million, give to the wife
• 3 storey shop lot valued at RM2.1 mil where it is rented to Seng Kong Sdn Bhd as its premises, give to the son
• 2 motor vehicles, give to the son and wife to choose which motor vehicle
• sole shareholder and director of Seng Kong Sdn Bhd, give to the wife and son equally
• asset under sole proprietor (Seng Kong Enterprise), to be given to the son.

What are the tax duties and liabilities of the son as an executor?

What about the estate income taxes?

06 - Brief overview of how debts of the estate are settled?

07 - Final step in the administration of estates and how long is the duration from Probate to distribution? Executor can delegate unfamiliar tasks to third party professionals such as property valuer, fund managers, tax agents etc

08 - Why should a trust company like Rockwills Trustee be appointed as the executor?

09 - Q & A Session

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There are two methods for you to learn :

• Method #01: Live Webinar
• Method #02: Online Training / e-Learning

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Method #01: Live Webinar

Method #02: Online Training / e-Learning

If you are not free during live webinar or if you want to get replay.

Click here to sign up for FULL online training (RM 49)

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Upon successful payment, you will get

• Full Video Replay
• Certification of Completion per training

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Speakers' Profile

Mr. Chong Wee Soon

Mr. Chong Wee Soon, is a member of Chartered Tax Institute of Malaysia (CTIM) and a tax agent licensed under Ministry of Finance Malaysia. He has over 15 years’ experience in corporate and personal tax compliance matters, advisory and consultancy. He was Group Accountant of Rockwills International and becoming an advisor in 2019.

En. Azhar Iskandar Hew

En. Azhar Iskandar Hew is the Director of Rockwills Advisory Services Sdn Bhd and holds the Bachelor of Laws (Honours) degree from the University of London. Prior to his current position, he served as the Deputy CEO of Rockwills Trustee Berhad. He joined Rockwills in June 1997 as a Legal Executive and later became the Head of the Training Department. In order to gain the necessary experience in the trust industry, he became the Vice President, Legal of a reputable trust company in 2003. He rejoined the Rockwills Group in 2005 as the General Manager of Rockwills Trustee Berhad to begin its operations. During his time at Rockwills Trustee Berhad, he has spearheaded the creation of various innovative trust products and services including BVPT, UDeclare, UPrepare, OPC Trust and Pet Trust, which sets the company apart from its competitors.

Ms. Lee Shet Mei

Ms Lee Shet Mei was admitted as an Advocate and Solicitor of the High Court of Malaya in 1999 and was in legal practice for a decade. She is also a member of the Society of Trust and Estate Practitioners (STEP) and a Certified Financial Planner (CFP).