Any person who dies without drafting a valid last will is better explained as dying ‘intestate’ and in most cases the deceased's estate is generally distributed according to the Law on Intestacy. It is important to make the will before the death as it will enlist the details of proper distribution among the family members. Otherwise, the court has to decide the proper distribution of properties and assets properly among the rightful owners.
The consequences:
Without a valid Last Will and Testament, obtaining Letters of Administration and appointing an administrator, can take months or sometimes even years. In the meantime your surviving spouse or partner has all the usual: household, weekly, monthly, and daily expenses to find and they will probably be on a reduced income, plus it will be at a time when they most need reassurance. Also, it would be difficult for the surviving spouse to withdraw the money from the estate.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment