upon a person’s demise … distribute assets to beneficiaries testate (with a will) apply for...
TRANSCRIPT
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
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.
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.
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.
Effect of the Distribution Act 1958 (amended in 1997)
Married PersonSpouse Parent
Children
1/4
1/2
1/4
Utusan Malaysia, 31 March 2011
Importance Of Writing A Will
The Star, 17 July 2010NST, 21 Jan 2007
Importance Of Writing A Will