Administration bond
The security for the administration of the estate is ordinarily by bond in the prescribed form by the grantee and 2 sureties. The sureties must be residents of Malaysia (unless the registrar otherwise directs) and each must have assets in Malaysia, which must not be less than the value of the estate.
The court may for sufficient reason increase or decrease the number of sureties or dispense with them. The application for dispensation is by summons in chambers supported by an affidavit. The court in considering an application may consider the standing of the parties, the nature of the property, the amount of the debt and the extent of the administrator’s personal interest in the distributive share of the estate. As a matter of practice, consents from the beneficiaries are furnished.
Where a trust company has obtained administration it shall not be required to give security.
Where the administrator is entitled to the whole of the estate after payment of the debts, sureties in the bond may ordinarily be dispensed with by the registrar.
This preview is an excerpt from the following publication. this publication for access to all the commentary and precedents.
Letters of Administration - Step by Step Guide & Precedents
by By Lawyers For Lawyers author - C M Teng
Overview
This step by step guide navigates through the substantive law governing the process of obtaining letters of administration in Western Malaysia.
The guide will ensure compliance with the Probate and Administration Act 1959 as well as the procedural law as set out in the Rules of the High Court 1980.
The guide includes sections to help with;
- Getting the matter underway: Including sections on executors, beneficiaries, estate taxes, missing will and certificate precedents as well as guidance on whether a Grant of Probate is needed or Letters of Administration?
- Special grants in limited situations
- Initial letters to asset holders requesting information
- Administration on intestacy
- Letters of administration
- Reseal of letters of administration
- Applications for Executor and Administrator Commission
- Finalising the matter: Including appointment of solicitors, transfer and sale of immovable properties.
This publication will benefit both experienced practitioners and junior lawyers as it is conclusive, practical and easy to use.