Protecting Assets Through Probate Law
Probate laws are extremely important because of the changes in the modern family structure. There are many more divided families, unmarried couples and other unique arrangements than ever before. Probate law protects the wishes of people regarding who receives ownership of their property after they pass.
Step One – Preparing a Will
Hiring a probate lawyer in Singapore from IRB Law is a reliable way to make certain that the will is properly prepared. It will account for all assets and make a clear determination about how they are to be dispersed. The will also names the executor. This is the person that will follow the instructions of the will. If no executor is named or if they have previously passed away the Court will appoint an executor for the estate.
Step Two – Getting a Grant of Probate or Letters of Administration
A grant of probate is needed if someone is named as an executor in a will. Receiving this form involves completing some legal documents verifying the right to act an the executor and submitting the will, death certificate and any other necessary material to the court. Letters of Administration are supplied by the court when there is no will. Any heir can apply for this but the court will give the authorization to the person they believe has priority. This could be parents, spouses or siblings or children.
Step Three – Distributing Assets to the Heirs
The property is divided once the paperwork is completed and the court has determined the validity of all documents. The balance of the estate is then divided according to the instructions in the will or how the executor believes the individual would have wanted the assets split. It is a good idea to have legal assistance during this step if there are many heirs, a lot of assets or a potential conflict. Professional guidance will help to avoid complications in these instances.
Court costs diminish the value of an estate. Parents that want to protect the inheritance they want to leave to their children or anyone with a specific plan of how they want their property divided needs to have a will to prevent unnecessary delays or extra expense. It is also important that the parents of minor children have a will that names a guardian for the children and a reliable executor that will consider the best interests of the children.