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 Have you written your WILL?

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RinggitSavvy
post Mar 31 2017, 10:54 AM

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Joined: Mar 2017


QUOTE(ronnie @ Jun 16 2016, 10:34 AM)
How long is the process to get Grant of Probate ? 3 months or 6months ?
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Here's the breakdown of asset distribution timeline:
1. With WILL:
- Grant of Probate - 6 months
- Asset Collection - 3 to 12 months
- Payment to IRB and creditors - 3 to 18 months
- Distribution to beneficiaries - between 2 to 3 years

2. Without WILL
- Letters of Administration - Estimate 1 to 3 years
- Asset Collection - 3 to 12 months
- Advertise in the Gazette to notify the creditors - 2 months
- Distribution to Beneficiaries - between 3 to 7 years

Alternatively, if you want save all the hassle and time, you may create a Trust from Trustee companies and it is the only way to avoid Probate and to be able to distribute your assets to your designated beneficiaries with immediate effect (1 to 2 weeks) but it usually comes with annual fees.

 

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