If you passed on without a valid Will, this will happen to
…….
Your family
Your spouse and children will have cash flow problems as
your assets will be FROZEN. Your children’s welfare may not be taken care of by
the right person.
Your assets will be
distributed according to the Distribution Act 1958 (As amended in 1997)
Your partners,
stepchildren or aged relatives
Certain “special” people (like cohabiting partner,
stepchildren or a relative who brought you up) are not recognized as
beneficiaries under the Distribution Act 1958. As such, the interests of this
“special” people are not protected.
Letters of
administration (LA) are required
To begin applying for Letters of Administration in the High
Court , all lawful beneficiaries under Distribution Act 1958 (amended in 1997)
gives written consent to appoint an administrator. The administrator who is
chosen may not be the person of your choice. If there are beneficiaries who are
minors, then, two administrators have to be appointed before the court issues
the LA.
COSTLY DELAY in the
administration of your estate
There may be difficulties to choose an administrator because
(i) of the lawful beneficiaries afraid that by signing
Letter of Renunciation of Administratorship, the beneficiary is giving up
his/her share in the inheritance.
(ii) issue of trust and competence between lawful
beneficiaries to choose Administrator(s), leading to the prospect of a long
legal disputes. An administration bond must be provided by two sureties
(guarantors) who each must have a net worth equivalent to the gross value of
your estate when an administrator applies for letters of administration. Do you
want to put your spouse and children through the difficult of finding 2 persons
to be sureties for the LA?
If you passed on with a valid Will ……
You provide for your
beneficiaries IN THE WAY YOU CHOOSE rather than letting the laws decide.
You EXERCISE THE
RIGHT to appoint people of YOUR CHOICE to administer your estate and carry out
your wishes, safeguarding the interest of those you love and care.
You appoint
guardian(s) of YOUR CHOICE for your infant children in the event of your spouse
predeceasing you or if both of you were to pass on. The guardian(s) will have
custody of the children and will be responsible for their support, health and
education.
NO SURETIES are
required for Grant of Probate (GP).
It costs LESS in term
of legal fees and TIME to apply for a Grant of Probate (GA) than Letter of
Administration (LA).
You would AVOID
family dispute
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