The Will continued...A Will is an important document but why?

Posted on 26 July 2012

It can prevent disputes regarding who is to take control and distribute the estate.

 

  • Can ensure that a capable person is appointed to administer the estate.
  • It can prevent disputes as to ‘who gets what’ as a person’s wishes are known and in most circumstances must be followed.
  • Can provide less stress on family and friends left behind.
  • Can be faster and less complicated to obtain the legal right to administer your estate as obtaining probate of the Will is often quicker than being granted Letters of Administration where there in no will. This is because when there is a Will fewer documents are required to be filed and the process can be much simpler and quicker.
  • A person can leave a gift to a charity or a friend, these are not categories included in the ‘succession laws’ as beneficiaries when a person does not leave a will.

Administration Process – Will vs No Will

The administration of your estate is a lot less complicated for your family and relatives if you have attended to preparing your will. We have listed below the benefits of having a will as opposed to not having a will when it comes to estate administration.

Probate & Letters of Administration 

Will/Probate

vs

No Will/Letters of Administration

 

  • Less paperwork

 

 

  • More paperwork
  • Suitable Executor nominated by testator

 

  • Everyone wants to administer the estate
  • Faster to obtain permission to collect and distribute assets

 

  • Slower to obtain permission to collect and distribute the assets
  • Beneficiaries of the estate specified

 

  • Beneficiaries of the estate not specified – everyone wants more
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