Who manages / distributes the assets without a Will?

Without a Will, someone will need to apply for a Grant of Letters of Administration to access your assets. This special someone, known as the Administrator, is usually one of the intended beneficiaries of your Estate, or someone else agreed upon by all the beneficiaries. As the Administrator, he or she will be responsible for managing and distributing your Estate. This means it is entirely possible that someone you distrust could end up in charge of your assets after your passing.

Contrary to what many believe, the Courts do not actively monitor the distribution of the Estate. They only intervene if someone lodges a complaint or reports any foul play. Rather than leaving it to chance, having a Will allows you to choose and appoint a trusted individual beforehand.

Furthermore, if you think finding one trusted person is difficult enough, imagine the situation without a Will: if there are minor beneficiaries involved, two co-administrators are required, whereas with a Will, a minimum of only one Executor is needed.

In addition to co-administrators, the court may requires two sureties when minor beneficiaries are involved. A surety is an individual who provides a financial guarantee, ensuring that the administrators will fulfill their duties responsibly. If the administrators fail in their obligations, the sureties may be held financially accountable for any resulting losses to the minor beneficiaries.

It is possible to apply fordispensation of sureties for grants of letters of administration but this will be subjected to the Courts' approval.

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