Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For...

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Transcript of Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For...

Page 1: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.
Page 2: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

Upon a person’s demise …

Distribute Assets to Beneficiaries

TESTATE(With A Will)

Apply For Grant of Probate

Apply For Letter Of

Administration

INTESTATE(Without A Will)

ASSETS FROZEN

Choose an Administrator

Value the Estate

Find Two Sureties

Page 3: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

The Person Who is He/Her? His/Her Role

Testator A person who writes a Will

Executor(s) Person(s) or Trust Corporation appointed by the testator to administer his/her estate.

•To locate the Will•To make funeral arrangement•Apply for Grant of Probate (GP)•Calling in assets of deceased•To pay debts•To prepare Statement of Accounts•To distribute assets according to the Will•To carry out wishes mentioned in the will

Trustee(s) Person(s) or Trust Corporation appointed in a Will.

To hold on trust for beneficiaries who inherit assets in a Will.

Guardian A person appointed in a Will. To take care of the welfare of minor children.

Beneficiary A person or corporation named in a Will.

To receive gifts.

Two Witnesses A person who witness the signing of Will

To confirm that the testator is of sound mind.

Page 4: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

GRANT OF PROBATE AND LETTERS OF ADMINISTRATION

• DISTRIBUTION OF A DECEASED’S ESTATE• Where there is a valid Will and a proving

Executor, the deceased’s estate will be distributed according to the Will. The Executor who is appointed in the Will will apply for Grant of Probate (GP) from the High Court.

Page 5: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

Letter of Administration

• Where the deceased died without a Will, the deceased’s estate will be distributed according to the Distribution Act 1958. The Administrator who is appointed among all persons interested in the estate of the deceased person will apply for Letters of Administration (LA) from the High Court; or the beneficiaries will apply for a Distribution Order from the land office which will be issued by the District Land Administrator.

Page 6: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

Effect of the Distribution Act 1958 (amended in 1997)

Married PersonSpouse Parent

Children

1/4

1/2

1/4

Page 7: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.
Page 8: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

Utusan Malaysia, 31 March 2011

Importance Of Writing A Will

Page 9: Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.

The Star, 17 July 2010NST, 21 Jan 2007

Importance Of Writing A Will