Rockwills International Group (Rockwills), the leader in will writing and estate planning, is seeing an uptake in demand for its Trusts services, following on the heels of growth chalked up by Will writing, the traditionally widely-used estate planning instrument.
In 2023, Rockwills wrote more than 18,000 Wills bringing the accumulated number of Wills written for the three-year period from 2020 to 2023 to 71,000 Wills. This marks a 25% increase over the three-year period from 2016 to 2019.
Since the introduction of its Trust services in 2006, demand has remained steady. To date, the Group services more than 18,000 Trusts with more than 11,000 being set up between 2015 and 2023.
Group Chief Executive Officer Azhar Iskandar Hew, attributed the increase in demand to a growing awareness, particularly among young parents, business owners and those with specific needs, of Trusts and the advantages it has over Wills in terms of ease of estate distribution.
“With Trusts, the distribution of assets to beneficiaries can begin without the need for a waiting period as opposed to obtaining probate in the case of Wills in the event of death. Distribution to beneficiaries can also begin even in non-death situations of settlor (person who sets up trust) such as comatose or permanent disability or extended disappearance,” he added.
Azhar explained that unlike the Will which comes into effect only upon death, Trusts can be effective estate planning instruments to serve the preservation of family wealth for multiple generations.
A Trust can be used to consolidate ownership, which is extremely useful for succession in family businesses, thus avoiding fragmentation of business ownership, loss of control and even family dispute.
Additionally, Trusts can be used to fulfil specific purposes such as providing funds quickly to young children or to a special needs child upon the death or disability of the primary financial providers as well as for asset protection.
Azhar added: “Notwithstanding that, Will writing will always be a widely used estate planning instrument. This is due to its simplicity in getting it prepared and ease of making changes to it from time to time.
“However, as understanding and sophistication increase, there is an emerging trend of combining Wills and Trusts as a comprehensive solution to meet the needs of wealth protection, preservation, and distribution,” added Azhar.
In tandem with this and to cater to the discerning needs of its customers, Rockwills is expanding by moving its operations to Plaza Armada in Petaling Jaya. The Group will occupy two floors within the building.
Rockwills has also expanded beyond the Central Region with the opening of new branches in Ipoh and Kuantan to cater to the needs of its customer base. The Group plans to open additional branches in the near future.
In conjunction with the move and to celebrate its 29th anniversary, the pioneer Wills and estate planner has introduced a Prepaid Gold Limited Edition package. Under the package, customers who appoint Rockwills as their executor and/or trustee can lock in estate administration rates to hedge against inflation. Further information can be obtained from Rockwills Trustee Berhad.
Since its incorporation in 1995 (29 years ago), Rockwills has written more than 320,000 Wills across a wide spectrum of clientele.
