If a person has a valid Will, then in his or her Will, there will be someone appointed as an executor. In most Wills, more than one executor appointed. This ensures that if the first executor also dies or is unable to act as the executor, there are backups to carry out the wishes of the testator.
When a person dies without leaving a valid Will, someone in the family, usually the spouse or adult children applies to the court, to become the administrator. Administrators, are therefore appointed by the court. To safe guard the rights of debtors and beneficiaries, the court requires the administrator to provide an administrative bond through 2 sureties i.e. guarantors. Each of the 2 sureties, must have assets equal to or more than the gross assets of the deceased person. These sureties are responsible if the administrator makes mistakes or absconds with the money of the deceased.
Quite often, finding sureties willing to stand as guarantors is a problem because of the risk as well as the lengthy time required to deal with a deceased assets. It can take several years. A "chicken and egg" situation develops because few are willing to be sureties and thus this delays the whole process of getting the Letter of Administration in the first place. So, in many situation, the dependents are the ones to pay the price.
When a person has a Will, there is no requirement for sureties. Therefore, getting the Grant of Probate (instead of the Letter of Administration) is much faster. This allows beneficiaries to access cash in the bank and to make decision on other assets to continue with their lives.
Having a simple Will can help avoid the problem mentioned above. It also reduces legal fees since it take much longer to apply for a Letter of Administration thus the family incurs more legal fees.
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Source: LegalWillsMalaysia.com
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