Do you know how different if you have it and if you don't?

We talked about the differences between with and without a will previously, mainly on the timing.

Today, we are going to look at how different are they in term of procedures.

You sure need to know about "sureties"

If we die intestate, [1] our assets will be distributed according to the formulas set out in the Distribution Act 1958, and NOT according to your wishes or the needs of your family members.

[2] The court will appoint a trustee and executor to administer your estate, and this may give rise to disputes between family members or beneficiaries on who should be appointed.

[3] The court will appoint a guardian for your minor children, and the person appointed may not be your preference.

[4] The distribution process will take longer and cost more, ordinarily requiring a bond and the appointment of 2 sureties to guarantee the proper administration of the estate.

Know more about SURETIES:

• 2 sureties who must have assets within the jurisdiction equivalent to the amount of the Deceased’s estate as security for the due administration of the estate.

Due to the difficulties in finding the required sureties, the applicant for the Letter of Administration will usually be advised to file an application for dispensation of sureties to dispense with the requirement of Section 35(1) Probate and Administration Act 1959 and it usually will be granted by the Court.

With a will, there is NO requirement to provide for the sureties as a form of securities for the due administration of the estate.
There is also NO NEED for the executor to apply to the High Court for distribution order because distribution is in accordance with the terms of the will.

Source: Rockwills Corporation Sdn Bhd

这一场疫情，教会了我们什么？

我们都被“关”了着这么久，大家学到了什么？

虽然“被关”，但千万别“悲观”哦！

健康无价

只有健健康康熬过这场疫情

我们才有光明的未来