Executors
The appointment of the executor is usually straightforward and they are usually the major beneficiaries. A minor can be appointed as an executor but no representation shall be granted while still a minor.
Letters of administration with the will annexed may be granted to the guardian of the person and property of the minor limited until the minor obtains a grant himself (Probate and Administration Act 1959 – Sect 20).
There is no limit to the number of executors that can be appointed but probate may not be granted to more than 4 persons with regard to the same property (Probate and Administration Act 1959 – Sect 4(1)).
Where there is minority interest or life interest under the will, the law requires the grant to at least 2 individuals or trust corporation with or without individual (Probate and Administration Act 1959 – Sect 4(2)).
No company can be an executor other than a corporation incorporated under the Trust Companies Act 1949 and Amanah Raya Berhad, a company incorporated under the Companies Act 1965 and pursuant to Sect 3 of the Public Trust Corporation Act 1995.
An executor cannot be appointed on the basis that he is the holder for the time being of some position, for instance the president of the Law Society.
An executor is not obliged to accept office.
Executors are entitled to apply to the court for commission (Probate and Administration Act 1959 – Sect 43).
In the precedent wills gifts to executors are expressed not to be dependent on them accepting office.
Provided the client is advised in writing before signing the will it is acceptable for a provision appointing the solicitor as executor with rights to professional costs and fees and an entitlement to receive a commission in the discretion of the court.
However, if the solicitor is to receive further benefits under the will then the testator must receive independent advice on those gifts.
A trustee cannot buy trust property unless all beneficiaries agree or there is an express power in the will or the consent of the court is obtained.
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Wills - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - C M Teng
Overview
This Wills Step-by-Step Legal Practice Guide and Precedents contains precedent wills and guidance for the following three situations:
- for a single testator
- for spouse to spouse, and then children; and
- using schedules for use in blended family and other more complex situations
As with all Step-by-Step Guides this guide takes you sequentially through a Wills matter from getting the matter underway and taking instructions, right through to finalisation.
A wide range of issues are discussed including testamentary capacity, revocation, executors, and estate duty. This guide includes a Library of Provisions.