Why is Will pivotal to secure after-death assets?
Having a Will provides a sense of security to the deceased in ensuring that their assets is distributed as per the deceased wishes. The law safeguards the wills to avoid any fraud in regards to any fake wills being made.
What to do if there is no will then?
Nonetheless, not having a will is not an issue per say, the heirs of deceased would need to come together to discuss on the deceased assets. Assets is distributed through mutual agreement between all eligible heirs. For Muslim, they may opt for distribution through Faraid as well.
Management and distribution of such assets may be burdensome and a lengthy task. But should you just do nothing then? Of course not!
Are you willing to see your loved one’s hard earnings being taken away?
All their assets, wealth, and properties being ‘frozen’ by those in power?
Refusing to put efforts into claiming your rightful rights?
This is when you NEED to appoint the Administrator to intercede…
1.What is Administrator?
An Administrator or Estate Executor ensures any debts left by the deceased are paid. They make sure anything left of the property are appropriately distributed to its rightful beneficiaries.
They also will inform the family members of the deceased regarding the Wills, whether they already exist or not.
2.What is their Role?
Throughout the process, Administrators will help the family in resolving all issues from the start until the end. The procedure performed includes:
- Filing the will (if there is one) in Civil Court.
- Notifying creditors, banks, and government agencies (such as Social Security) of the death
- Appear in court on behalf of the estate
- Establish a bank account to pay any outstanding bills and manage any incoming funds
- Pay the estate’s debts
- Distribute any assets to beneficiaries and dispose of any leftover property
- Maintain the estate, including homes and property, until it can be distributed or sold
3.Why is it Important?
Administrator is crucial, especially when obtaining Grant of Probate or Grant Letter of Administration.
Without the Grant, family member or beneficiaries would generally be unable to transfer, sell or deal with the assets. As a result, the wealth left will be exposed to ‘freezing’.
If you are in distress, start taking action now!
Why let the property be left freezing?
It is critical to ensure that the Administrator is appointed to administer the deceased’s property.
All these to ensure that the debt of the deceased and the beneficiaries especially the little one is taken care of rightfully.