Small Estates (Distribution) Act 1955 (Act 98) (As at 1st December 2024) - 9789678930703 - ILBS
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Product Description
Small Estates (Distribution) Act 1955 (ACT 98)
Regulations & Order
[As At 1st December 2024]
An Act relating to the distribution of small estates of deceased persons and matters incidental thereto.
Detailed Contents of Small Estates (Distribution) Act 1955 (Act 98):
The Small Estates (Distribution) Act 1955 (Act 98) is a statute in Malaysia that specifies how small estates of people who have passed away are distributed to their heirs. With no need for a grant of probate or letters of administration, the act intends to streamline and hasten the distribution of minor estates.
Regulations:
The Act gave rise to the Small Estates (Distribution) Regulations of 1956, which outline more specific guidelines for the distribution of small estates. The rules outline the structure and substance of the distribution application, the credentials needed for supporting papers, and the methods for paying the heirs. The fees that must be paid for the District Officer or Magistrate's assistance in managing the distribution procedure are also outlined in the regulations.
Order:
To change the Act's Schedule, the Small Estates (Distribution) (Amendment of Schedule) Order 2021 was created. After the modification, a small estate's maximum value rose from RM50,000 to RM100,000. The Act can now be used to distribute estates worth RM100,000 or less without the need for a grant of probate or letters of administration.
Process:
According to the Act, the District Officer or Magistrate of the region where the deceased individual resided is in charge of managing the distribution procedure. The District Officer or Magistrate must receive an application for distribution from the decedent's heirs, together with supporting documentation like the death certificate and a summary of the decedent's assets and debts. Once the application has been approved, the District Officer or Magistrate will issue a distribution order outlining how the inheritance will be divided among the heirs. Without the necessity for a grant of probate or letters of administration, the heirs will receive their portions of the estate straight from the District Officer or Magistrate.
In conclusion, Malaysia's small estate distribution is facilitated by the Small Estates (Distribution) Act 1955 (Act 98), which offers a streamlined and accelerated procedure. Regulations and an order that provide more thorough procedures and a higher maximum valuation for a small estate serve as the Act's supporting documents. The District Officer or Magistrate oversees the estate distribution procedure, and the heirs get their distributions directly from them without the need for a grant of probate or letters of administration.
Small Estates (Distribution) Act 1955 Contains:
Small Estates (Distribution) Act 1955 (Act 98)
Small Estates (Distribution) Regulations 1955
Federal Territory of Labuan (Modification of the Small Estates (Distribution) Act 1955) Order 2011