| Types |
Individual |
ARB |
| Neutrality |
May be influenced or biased to one of the parties |
Unbiased to any parties. |
| Account/details on the management of asset |
The possibility of the asset being used by the personal representative without justification. |
The detailed account provided by ARB as to deceased being used. Example; expenses, fees, distribution to beneficiaries. |
| Perpetuity |
The possibility of the personal representative dying. |
Corporation continues to exist. |
| Renunciation |
The possibility of the personal representative renouncing his roles. |
Cases will be handled by the corporation until completion. No risk of renunciation by the Corporation. |
| Expertise |
Expertise level is unknown. The possibility of the case being handled by a person lacking knowledge. |
Over nicety years of experience and expertise in carrying out the task as a personal representative. |
| Fees |
Normally does not incur fees. Subject to the agreement among beneficiaries. |
Involves a significant amount of fees charged as service. The fees, however, are deducted from the deceased’s estate. |
| Duration |
No specific duration. The possibility of the case being prolonged due to the incapacity of the personal representative. |
Based on KPI:Cases under section 13: 24 monthsCases under section 8: 12 monthsCases under section 17: 6 months |
| Security over the asset |
The possibility of the asset being misused by the personal representative. |
The asset is secured by the corporation. Any information about the use of the asset for operation purpose or distribution shall be informed to the beneficiaries. |
| Technical difficulties |
Difficulties in locating the relevant documents related to the deceased’s asset. |
The possibility of the case being delayed due to the transfer of officer/person in charge of the files. |
