Published by MSN.COM
Summary generated on August 17, 2020
Azhar Iskandar with beneficiaries of Madam W's last will and testament at the presentation ceremony in Menara AmFirst today.
KUALA LUMPUR: In a selfless act of charity, a woman, prior to her death in 2013, bequeathed a portion of her multi-million ringgit estate to a number of orphanages as part of her last will and testament.
The woman, identified only as "Madam W", had instructed that the portion be invested and its proceeds be given to orphanages.
Over the past seven years, her donations have totaled a staggering RM1.1 million.
Rockwills Trustee Bhd, which served as the trustee in the last will and testament of the testator, today presented almost RM190,000 in profits from the investments this year to 20 orphanages.
02, were presented to the orphanages at a ceremony held at the company's office in Menara AmFirst in Petaling Jaya.
Each of the 20 orphanages this year received RM9,465.
The identity of Madam W remains undisclosed due to reasons of confidentiality.
Rockwills Trustee Bhd Chief Executive Officer Azhar Iskandar Hew, who presented the donations, said "Madam W" had instructed in her will that a portion of her estate was to be held in trust for the sole purpose of investment and its earnings be utilised to fund orphanages.
"When Madam W wrote her will, she had wished to do something with her wealth for orphans. She didn't want to stop at distributing part of her estate for orphanages upon her demise. She wanted more than that - make her money work for the benefit of orphans."
"Through astute estate planning, she allocated a portion of her estate to be held in trust for the sole purpose of investment. Earnings derived from the investments are then to be utilised for the benefit of orphans," he said.
Azhar said the company's internal operations committee comprising directors and senior management staff devised and managed an investment plan to ensure that her trust was invested in appropriate investments that give steady returns annually.
"Each year, the orphanages vary for a wider spread of beneficiaries regardless of race and religion," he said.
Azhar said while willing for charity has become increasingly common in recent years, perpetual acts of charity like that of "Madam W" that is carried out annually and without limitation of a time frame is not common.
"It is an example of a well-formulated estate plan to be considered and followed. It underscores that wills and trusts can be effective and versatile estate planning tools for wealth distribution to not just loved ones but also deserving segments of society."
He added that Rockwills had in 2008, set up a "Will for Charity" panel in which the company forges a strategic alliance arrangement with charities to be listed for testators to select to will any portion of their estate.