I am learning on how to write a Will and doing one for the family. I have been procrastinating about it until someone asked me to be a Witness. I am also an Executor for someone in my family. Anyway let’s start with the impact without a Will.
Without a will, here is how the assets distributed to surviving parties:
Spouse only – 100% to spouse
Parents only – 100% to parents
Issues only – 100% to Issues. Issues refer to children & grandchildren
Spouse and Parents only – 50% spouse and 50% parents
Spouse and Issues only – 1/3 spouse and 2/3 Issues
Parents and Issues only – 1/3 parents and 2/3 Issues
All Spouse, Parents & Issues – 25% spouse, 25% parents and 50% Issues
However, there is a catch. You must engage a lawyer to apply for Letter of Letter of Administration (LA) from the High Court for the distribution order to the Land Office. In order to get the LA, the court needs 2 guarantors that has equivalent amount of assets left by the deceased. The application of LA takes 9-12 months. Again here, the beneficiaries need to agree what to do with the property.
The problem comes while applying for the LA, the parents passed away. Now the number of beneficiaries will increase because the parents’ portion will be divided to the children, meaning the deceased siblings. It will be a lengthy process moving forward.
Above information is based on my findings, I may be wrong in certain areas as I am not a lawyer. Let me know if you spot any mistake so I can correct it.
