Estate Administration
Estate administration, effective upon the Testator’s death, involves managing assets, settling debts, and distributing to rightful beneficiaries. It’s crucial for preventing injustice and hassle. Given its complexity, professional handling is essential to avoid overwhelming the beneficiaries.
Services
Executor (For Testate Estate)
Estate Administration takes effect upon the Testator’s death. The executorship fee shall be imposed based on the gross asset value of the Testator’s estate (movable and immovable properties). Such fees are charged upon the extraction of Grant of Probate which will incur additional legal fees.
Professional Administrator (For Intestate Estate)
Our fees are based on the gross asset value of the deceased’s estate (movable and immovable properties). Such fees are charged upon the extraction of the Letter of Administration, which will incur additional legal fees.
Estate Administrator FAQ
- be incapable to perform as estate administration is a complex process for someone who doesn’t have the expertise and experience
- predecease the Testator or is unwilling to act as estate administration is a very tedious process
- commit fraud and breach of trust by absconding with the assets
- be bias to certain parties
Estate Administration can face a number of complications such as:
- No Executor or Administrator appointed to administer the deceased’s estate
- Missing essential documents such as death certificate, land titles, property titles, bank statements, bank savings books, etc
- Infighting or lack of co-operation among the deceased’s Beneficiaries, such as non-attendance at meetings and court hearings
- The death of any Beneficiary, Executor or Guardian will complicate estate administration.
Yes, you can. However, there must be at least two Administrators(individual) or a Trust Corporation if the beneficiary is a minor.
To apply for the Letter of Administration:
- Two persons must act as Sureties – each of their administration bonds must be equivalent to the deceased’s gross estate value.
- Both persons must ensure the Administrator carries out the administration work responsibly.