Presentation is loading. Please wait.

Presentation is loading. Please wait.

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

Similar presentations


Presentation on theme: "Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE."— Presentation transcript:

1

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 (Without A Will) ASSETS FROZEN Choose an Administrator Value the Estate Find Two Sureties

3 The PersonWho is He/Her?His/Her Role TestatorA 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. GuardianA person appointed in a Will.To take care of the welfare of minor children. BeneficiaryA person or corporation named in a Will. To receive gifts. Two WitnessesA person who witness the signing of Will To confirm that the testator is of sound mind.

4 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.

5 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.

6 Effect of the Distribution Act 1958 (amended in 1997) Married Person Spouse Parent Children 1/4 1/2 1/4

7

8 Utusan Malaysia, 31 March 2011 Importance Of Writing A Will

9 The Star, 17 July 2010 NST, 21 Jan 2007 Importance Of Writing A Will


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

Similar presentations


Ads by Google