If you passed on without a valid Will, this will happen to …….
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).