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
.JPG)
