If the appointed Executor or Trustee (whether an individual or a company) is no longer able to act—due to death, incapacity, or closure—the appointment is typically rendered invalid. The administration of the estate will then fall to another party, such as:
- A substitute Executor or Trustee named in the will; or
- A new Administrator appointed by the court.
If a company such as Precepts is the sole or final Executor/Trustee, the latter process (court appointment) will take place. However, it’s important to note that licensed trust companies like Precepts are held to higher regulatory and operational standards than individual executors.
In the event that a licensed trust company ceases operations, the Monetary Authority of Singapore (MAS) has the power—under the Trustee Act—to appoint another trust company to take over its responsibilities.