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SINGAPORE, Oct. 28, 2024 /PRNewswire/ -- Leaving the decision of estate distribution to your loved ones can place a heavier burden on them than you can ever imagine. The estate settlement process may not be as simple and straightforward as you envision. Summit Planners aim to raise awareness of the difficulties that your surviving loved ones may face, both with and without a Will.
What is Estate Settlement?
Estate settlement is the process of handling the administrative and financial affairs following the time of death. It involves obtaining the death certificate, settling outstanding bills and funeral expenses, applying for the grant of probate or letter of administration, distributing assets, and more.
Following your passing, your loved ones will need to determine if you leave behind a Will. The Will not only outlines your distribution intention, but may also reflect your intentions for funeral arrangements.
Estate Settlement in the presence of a Will
If you leave behind a Will, the appointed executor will need to read and understand the instructions indicated in your Will. Thereafter, the executor will have to apply to the Court for the right to administer your estate. The executor will need to identify and gather your asset before extracting the grant of probate. After obtaining the grant of probate, your executor will distribute your assets according to your wishes. This streamlined process saves time and would be easier for your executor who has a clear idea of your intentions for estate distribution.
Estate Settlement in the absence of a Will
If you do not leave behind a Will, the Court will appoint the administrator for your estate. It is usually the next of kin and in cases involving minors, at least two administrators will be appointed. The downside of passing away without a Will is that creditors of your estate may seek to administer your estate or the administrator appointed by the court may not be a suitable candidate to manage your estate. Additionally, the settlement process may be longer and costlier.
After obtaining the letter of administration, the administrator will distribute your estate according to the Intestate Succession Act, or the Inheritance Certificate for Muslim individuals. Consequently, disputes may arise when the beneficiaries are dissatisfied with the distribution outcome, further delaying the settlement process.
Potential challenges and complications may arise when an individual passes away without a Will. Therefore, it is crucial to make plans for your estate to avoid burdening your loved ones after your demise.
To raise awareness of the importance of Will Planning, Summit Planners are running monthly Will Planning seminars to encourage the members of the public to take action to ensure that their affairs are well taken care of after their demise.
Click here for more information on the Will Planning Seminars.
About Summit Planners
"Summit Planners is committed to redefining the way individuals approach estate planning and make estate planning simplified and understandable."
Summit Planners is an organisation specializing in comprehensive estate planning solutions. With a team of seasoned professionals, we are dedicated to helping individuals and families secure their financial legacies for generations to come.
At Summit Planners, we strive to provide our clients with customised solutions from our suite of services to match the size of their organisation and ambitions. From sole proprietorships to corporations and individuals to families, their trust in our services and partners has enabled us to grow from strength to strength.