My client has appointed Precepts Trustee Ltd as executor and trustee, what should I do next?

Documents required when appointing Precepts Trustee Ltd as executor and trustee:

Your client (i.e. the testator) must email a signed copy of the following to GMLexecutorship@preceptsgroup.com :

• Final Will
• Attestation Form
• Executor Appointment Form
• Copy of testator’s ID (front and back)

1. What is the cost when appointing Precepts Trustee Ltd as executor and trustee?
   
   GM Legacy Users enjoy a special discounted rate of $272.50 (U.P. $490.50), one-time payment.
   
   The one-time payment for appointing Precepts Trustee Ltd as your executor and/or trustee includes:
   • Executor and/or Trustee Appointment Fee: $163.50
   • Will Review Administrative Fee (for externally drafted Wills): $327.00 
     
     All fees are inclusive of prevailing GST.
     
     Note: Please remember to select this add-on fee when generating the payment link. The invoice will be sent to your client once you generate the payment link. GM Legacy will be collecting this fee on behalf of Precepts Trustee Ltd.
      
2. What are the fees involved after the testator passes on?
   • For Movable Assets:
     • Up to SGD10 million: between 0.2% to 0.5%;
     • More than SGD10 million: negotiable (Min. $21,800)
        
   • For Immovable Assets:
     • 5% of the gross annual rental or market rental income that the property is reasonably expected to fetch (subject to a minimum of $4,000.00 per title/lot)
     • Note that the 5% is a recurring payment as long as Precepts Trustee Ltd is managing the property.

     • If the property were to be held on trust and a tenancy agreement exists, Precepts Trustee Ltd would base it on the rental rate specified in the agreement.
       
       Example 1: If the rental is $10k/mth and $120k/yr, they will charge 5% of $120k (Amounts to $6k - This amount is subject to GST and a min. of $4k.)

       Example 2: If the rental is $1k/mth and $12k/yr, they will charge 5% of $12k (Amounts to $600, but they will charge $4k, this amount is subject to GST.) 

       Example 3: If there is no tenancy agreement, they will base the rental rate on market data.
        

3. How does Precepts calculate the fees for executorship if the movable assets exceed $10 million?

The executorship fee is assessed based on the complexity of the estate and the actual workload at the time of administration. 

Factors that may influence the final fee include:

- Type of assets involved
- Number of assets to be managed or realised
- Number of beneficiaries and the complexity of distribution
- Duration the executor is required to hold or manage the assets
- Scope of work involved, such as asset liquidation, tax matters, ongoing management, or handling overseas assets

The fee reflects the effort required to administer the estate efficiently and in accordance with the deceased’s wishes.