- 3 Marks
Question
Mr. Chris died without leaving a Will. His dependants have approached you to advise them on the steps to take in running his estate. Advise them.
Answer
When a person dies intestate (without a will), the following steps should be taken by his dependants to manage his estate:
- Application for Letters of Administration: The dependants should apply to the Probate Registry of the High Court for Letters of Administration, which will grant them the legal authority to manage and distribute the deceased’s estate.
- Identify and Inventory Assets: They should conduct a thorough inventory of Mr. Chris’s assets, including properties, bank accounts, and personal belongings, to understand the scope of the estate that needs to be managed.
- Payment of Debts and Liabilities: Before distributing the estate, the dependants must settle any outstanding debts or liabilities of the deceased. This may include funeral expenses, loans, and other financial obligations.
- Distribution of the Estate: After settling debts, the remaining assets can be distributed among the dependants according to the laws of intestacy, which typically follows a statutory order of inheritance.
- Seek Legal Guidance: It may be prudent for the dependants to seek legal advice to navigate the probate process and ensure compliance with all legal requirements.
- Tags: Business Law, Estate Management, Intestacy
- Level: Level 1
- Topic: Agency Law
- Series: MAY 2012
- Uploader: Theophilus