The probate lawyers at PKWA Law usually obtain Grant of Probate and Letters of Administration within 4 to 6 weeks. The quicker the Grant of Probate and Letters of Administration are obtained, the faster the estate administration is concluded, and the inheritance passed down to the beneficiaries. If you are a beneficiary, you don’t want to be stuck in a situation where you cannot get the assets distributed.
In this article, the probate team from PKWA Law share some important tips on how you can obtain probate quickly and efficiently.
Hire an Experienced Wills and Probate Lawyer
You should engage an experienced specialist Singapore probate lawyer. Hiring a good lawyer who specialises in probate makes a big difference between a probate process that is smooth and quick and a probate process that is marked by frustration and delays.
At PKWA Law, because of our vast experience in probate matters, we usually obtain probate within 6 weeks. We will guide you in the right direction, and our specialist probate team will keep your meetings with us to a minimum.
Determine Debtors and Creditors Quickly
If you are acting as the Executor of an estate, part of your job involves quickly identifying creditor and debtors of the deceased. The most obvious debts and expenses you as the Executor must pay before releasing the inheritance to the beneficiaries are IRAS and credit card companies. Once probate is obtained, you would want to pay them asap.
Prepare Your Schedule of Assets
One of the most important documents that need to be filed in the Family Justice Court before the court will issue the Grant of Probate or Letter of Administration is the Schedule of Assets.
It would help if you found out what assets the deceased has and give value to these assets. The Schedule of Assets has to be filed with the probate court as part of the administration process. If you are the Executor or Administrator of the estate, your probate lawyer will be requesting for a list of assets and that you get a valuation, whether on personal effects, real estate, or other assets. You should give copies of bank statements, the title deed, insurance policies to your probate lawyer.
Be in Charge
If you are the Executor or Administrator of the estate, make sure that only you communicate with your probate lawyer. Do not allow the family members or the beneficiaries to tell the probate lawyer what to do. Probate lawyers can only take instructions from the Executor or the Administrator. If other family members demand to have a say, your probate lawyer has the right to discharge himself, especially if there are conflicting instructions and competing demands. If you are not in charge and allow everyone else to have a say, there will obviously be a delay.
Keep the Estate Monies Separate
The Executor or Administrator must keep the estate monies separate from his own money. We usually advise the Executor or Administrator to open a separate bank account and not to allow estate monies and personal money to mix. Beneficiaries are entitled to a detailed accounting of the executor’s actions. Having a separate estate account and accounting for the estate money will help the probate process to finish quicker.