Thursday, August 26, 2021

if the day came before u sign your will ..

Below paragraph is extract from KCLau's article (Will Writing for Beginners).
Let's check out what happens if you don't have a valid will.

What happens if you don’t write a will? 
In short, a mess. [1] In the event of your demise without a will, your assets will be
frozen. That means no one can deal with your accounts, properties, and other assets. [2]Your estate will be distributed according to the Distribution Act 1958 (and amendments thereto). [3]Your family members will find themselves needing to apply for Letters of Administration, which is, a court order vesting someone with the right to administer the estate of a person who has died without a will (this is also called dying intestate).

[4]This is a cumbersome process and sometimes requires guarantors (also called “sureties”). [5]You would have no control over who is ultimately appointed. There could be difficulties finding such persons to step forward or with the necessary financial means to do so. [6]So not only does the family have to cope with the emotional aspects of bereavement, they now have to worry about all the procedural hurdles as well.

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Source: kclau.com

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