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.
Let's check out what happens if you don't have a valid will.
What happens if
you don’t write a will?

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.
Source: kclau.com
No comments:
Post a Comment