Estate Administration, which takes effect upon the Testator’s death, is the process of compiling and managing a deceased's assets, settling any debts and distributing the remaining assets to the rightful Beneficiary/ Beneficiaries. It is extremely important to ensure the deceased’s assets reach the rightful Beneficiary/ Beneficiaries speedily to prevent any injustice to or needless hassle for anyone.
Estate administration is a very time-consuming and tedious job and requires professionals to handle it. Without a basic understanding of the estate administration process, the whole experience can be pretty overwhelming.
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.
FREQUENTLY ASKED QUESTIONS
Can I appoint an individual to be the Executor/Trustee of my estate?
Yes, you can. However, it’s preferable to appoint a trust corporation as an individual may
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
Why is Estate Administration such a complex and tedious process?
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.
Can an individual be appointed as the Administrator of an Intestate Estate?
Yes, you can. However, there must be at least two Administrators(individual) or a Trust Corporation if the beneficiary is a minor.
Is there any other requirement if individuals are appointed as Administrators of an Intestate Estate?
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.