Recently, I personally came across two cases where both the deceased passed away without any Will. One of them had a business with his brother and many issues need to be tackled to move forward. The other left a house which is one-third owned by him and thus his part of ownership needs to be sorted out. What happen if one passes on without a Will? What are the advantages of having a Will? Is it time for you or your loved ones including your parents to write a Will now? These are the several issues:
1) Who are the beneficiaries?
Without a Will, the law will decide who your beneficiaries should be. With a will, you decide for yourself who would inherit each of your assets, and in what proportions. The Will will prevent the splitting of assets among many beneficiaries, and more important, prevent the dispute of asset distribution. Make a will and the law will protect your wishes.
2) Why does it take longer time when there is no Will?
Without a Will, your assets distribution will usually take longer time (2-6 YEARS) to settle, if it is free of arguments. If there is any dispute among the beneficiaries, they could involve in a long and complex legal battle. With a will, the court will decide speedily (2-6 MONTHS) on the assets distribution according to your wishes. The process of distribution differs for cases with or without a Will.
3) What are the main problems when there is no Will?
Generally, the beneficiaries need to apply for the Letter of Administration (LA) from the High Court, which may take 2 to 6 years, depending on the complexity of the case. Furthermore, all lawful beneficiaries have to give written consent to appoint one or two Administrators and two Sureties or Guarantors for the case. The lawful beneficiaries are Children/Grandchildren, Spouse and Parents.
With a Will, you could exercise your right to appoint your choice of Executor and Administrator. No Surety or Guarantor is required. This will ensure faster distribution as it only takes 2 to 6 months to obtain the Grant of Probate, hence saving cost as well.
4) Are there any other benefits with a Will?
You can appoint a Guardian of your choice to take care of your minors so as to protect their future. You can also give away part of your properties to non-immediate family members including charity organizations. Your appointed Executor or Trustee can raise emergency money to help your family members at a time when they are most vulnerable, against a scenario where your bank accounts are frozen after your death. You can also include provision to settle debts (if any), include future inherited and acquired assets, and prevent your estate from going to the government. Lastly, you can even leave a personalized message for your children within the Will.
Generally, the beneficiaries need to apply for the Letter of Administration (LA) from the High Court, which may take 2 to 6 years, depending on the complexity of the case. Furthermore, all lawful beneficiaries have to give written consent to appoint one or two Administrators and two Sureties or Guarantors for the case. The lawful beneficiaries are Children/Grandchildren, Spouse and Parents.
With a Will, you could exercise your right to appoint your choice of Executor and Administrator. No Surety or Guarantor is required. This will ensure faster distribution as it only takes 2 to 6 months to obtain the Grant of Probate, hence saving cost as well.
4) Are there any other benefits with a Will?
You can appoint a Guardian of your choice to take care of your minors so as to protect their future. You can also give away part of your properties to non-immediate family members including charity organizations. Your appointed Executor or Trustee can raise emergency money to help your family members at a time when they are most vulnerable, against a scenario where your bank accounts are frozen after your death. You can also include provision to settle debts (if any), include future inherited and acquired assets, and prevent your estate from going to the government. Lastly, you can even leave a personalized message for your children within the Will.
Why use Professional Will-Writing Service?
Now drawing up a Will is as easy as making a phone call or writing an email. The Professional Will-Writer can take your instructions in the privacy of your comfort. With Professional Will-Writing system and personalized service, your Will can be tailor made to suit every situation.
In case you have further inquiry or need the service of Will Writing, do email me at shpoh88@gmail.com.
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