[Will & Testament] Will the government confiscate assets if there is no will after death?

Will the government confiscate assets if there is no will after death?

The answer is no. The assets will not be confiscated but temporarily frozen until a relevant legal executor claims them.

As of 2020, over 90 billion in assets have been frozen by the government due to no one claiming them.

Is making a will really important? What are the possible consequences?

  1. The absence of an executor. The distribution of assets becomes a legal responsibility that involves complex work. In general, it is unlikely that someone would be willing to take on this task unless it is a professional trust company, which would involve additional costs.

2. Spouses and direct relatives can become beneficiaries. Disputes and arguments over property distribution among beneficiaries can cause delays in handling the estate.

3. The process can be time-consuming, from appointing an executor to distributing the property to the beneficiaries and obtaining court approval for the estate management appointment. Each step takes a considerable amount of time.

4. The cost can be high. Due to the complex legal procedures involved, legal fees can be high, and there may also be substantial stamp duty to pay, ranging from four to five figures (depending on the value of the immovable property).

Is it complicated to make a will?

You can seek assistance from professional law firms or private will writing companies.

Compared to the costs that can arise from not having a will, the cost of making a will itself is relatively low.

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