Bin Mulamba

Egalitarian,Work-in-Progress,Servant to Humanity

[The Investing for Beginners Podcast @IFB_podcast]

Warren Buffett at University of Nebraska.

One of my favorite talks.......

[Max Juma @MaxJumaEsq]

SUCCESSION & INHERITANCE: WHEN THERE IS NO WILL LEFT BY THE DECEASED

Step-by-step process on how to legally acquire your deceased parents' Assets.

First and foremost,

The law respects the dead man's property.

When a person passes away with a valid Will, his or her assets are handled and distributed in accordance with the terms of the Will. If a person leaves behind a valid Will, they are said to have passed away TESTATE.

What is a will?
A will, sometimes called a "last will and testament," is a document that states your final wishes, including how you want to distribute your property. The court makes sure that your final wishes are carried out.

By allocating the deceased's property in accordance with his wishes, a will gives the surviving family members of the deceased peace of mind. Family conflicts that are likely to occur during property division are avoided or reduced.

A will can be used to distribute both movable and immovable property, including money left in the bank, stock/shares in a company, intellectual property, personal effects and Real property, that is, LAND.

In order to handle any matters pertaining to the estate of the deceased person in accordance with the provisions of the Will and the Law of Succession Act (Cap 160) Laws of Kenya, the executors (male) or executrices (female) must first obtain a Grant of Probate.

When a person passes away without leaving a will or in a situation where the will is invalid, the Act's rules are followed to administer and dispose of the deceased's property.

If a person leaves behind either an invalid will or no will at all, it is said that they passed away INTESTATE The process entails the grant of Letters of Administration Intestate to the Administrators.

This gives them the power to manage the decedent's estate in accordance with the rules of the law. A petition for Letters of Administration Intestate and receiving a Confirmation of Letters of Administration Intestate are the procedures for obtaining a grant of such letters.

Petition for Grant of Probate ( for persons who died having written a will): Getting a grant of probate involves the following procedures. The High Court of Kenya must be petitioned by the executors of the decedent's estate in order to obtain a Grant of Probate.

A schedule of the assets and liabilities of the decedent's Estate, along with an approximation of their values, must be included in the affidavit that is submitted with the petition. A copy of the asset's ownership documentation must be included.

The petition is then submitted to the Family Division of the relevant High Court, where the Court Registrar reviews it to ensure that it is in order before determining the filing fees that are owed to the Kenyan Judiciary.

A notice of the petition is published in the Kenya Gazette after the filing fees have been paid.
After filing fees are paid, a notice of the petition is published in the Kenya Gazette to inform the public of it and give anyone with a claim to the decedent's estate the chance to object to the grant of probate going to the executor.

The executor(ices) should apply to the High Court for extraction of the signed and sealed Grant of Probate, which will identify them as the legally appointed executor(ices) of the Estate, after 30 days of the notice of the petition appearing in the Kenya Gazette

After receiving the signed and sealed Grant of Probate, the executor (or executors) must wait the required six months before applying for the Grant to be confirmed.
If approved, they will then be given a Certificate of Confirmation of Grant of Probate, which gives them the authority to distribute the assets of the Estate in accordance with the terms of the Will.

Petition for Letters of Administration (A person who died without a will): Letters of Administration Intestate must be requested from the High Court by at least two individuals.

The surviving spouse is typically given preference, but if the surviving spouse is unable to petition the court, the adult members of the family may decide among themselves who should.

The petition must be filed in the closest High Court to the place where the deceased person was residing when he or she passed away.
An affidavit in support of the petition from the petitioners is required with the formal legal document known as a petition for Letters of Administration Intestate.

The petition should include a schedule of the estate's assets and liabilities, along with an estimate of their values, proof of ownership, the decedent's death certificate, and a letter from the local chief stating that he was acquainted with the decedent.
And providing information about the beneficiaries and dependents of the estate.

The petitioners must swear affidavits of justification demonstrating to the court that they are solvent and have the capacity to fulfill their duties as Administrators.
Additionally, the petitioners must appoint other impartial parties as sureties for the full amount of the net Intestate Estate, and these parties must subsequently reassure the court of their financial viability.

The petition is then submitted to the Family Division of the relevant High Court, where it is reviewed by the Deputy Registrar, who then determines the filing fee that must be paid to the Kenyan Judiciary.

After filing fees are paid, a notice of the petition is published in the Kenya Gazette to inform the public of it and give anyone with a claim to the decedent's estate the chance to object to the grant of probate going to the executor.

The Administrators should apply to the High Court for the extraction of the signed and sealed grant of Letters of Administration, which will identify the Administrators as the duly appointed Administrators of the Estate and state that they have agreed to faithfully administer the Estate, after 30 days of the notice of the petition appearing in the Kenya Gazette.

The Administrators must wait for the required six months after receiving the signed and sealed Grant of Letters of Administration before requesting that the Grant be confirmed, at which point they will receive a Certificate of Confirmation of Grant of Letters of Administration.

The estate's administrators must now inform the court of how the estate will be distributed. Once the court approves the mode of distribution and is satisfied with it, it will issue the Certificate of Confirmation of Grant of Letters of Administration intestate.

The Administrators will then have the power to distribute the estate's assets to the beneficiaries in accordance with the court-approved method of distribution.

Holders of representation grant (grants of probate & grants of letters of administration intestate) may apply to the court in certain circumstances under the Law of Succession, and the court may order that the grant be confirmed before the end of the 6 month period if it is satisfied that:
1. The deceased had no dependents, or the only dependents were of legal age (adults) and agreed to the application;
2. That it would be practical and quick under all circumstances.
3. There is no dependant of the deceased other than the petitioner;
4. No estate duty is payable in respect of the estate; and,
5. It is deemed to be just and equitable in all circumstances of the case to immediately issue a confirmed grant of representation.

END!
Disclaimer!
The provision of general advice in this tweet does not create an advocate-client relationship with any reader. This article's information, content, and material are provided solely for general informational purposes. Readers of this tweet should contact 0733 610 961 or email at [email protected] if they need legal advice on any specific legal issue.

[Phannie A. Kwegah 🇰🇪 @MissKwegah1]

‘Transactions are not made in the boardrooms, they are formalized there.

People are not hired in the interview rooms, they are hired somewhere else.

Decisions are not made by people is suits, they are formalized by them.

People are not fired in disciplinary hearings, they are fired on the golf course and the decision is formalized in a disciplinary hearing.

We are not taught these things in school, but they affect our work and our business.

Let’s endeavor to have conversations and engagements that build towards our social capital.’

How good is your social capital?

~~~Arthur Marara.

[Wendy Waeni 🇰🇪 @WendyWaeni]

EMBASSY VISA INTERVIEWS: Avoid These Common Mistakes!!
THREAD:

[Bookmark for later reference]

Repost to help someone who might be in need of the information........

Don't miss out on this valuable resource to ensure you're fully prepared!...........

[Compounding Quality @QCompounding]

Thinking, Fast and Slow is the best Behavioral Finance book ever.

Here are 10 things I learned from the book:

[Andrew Lokenauth @FluentInFinance]

Warren Buffett is worth $100 Billion and has a FREE children’s cartoon on Youtube where he teaches about:

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[Clint Murphy @IAmClintMurphy]

Real Estate is your simplest path to become a Millionaire.

Real Estate can be scary for beginners, but it doesn't have to be.

Here's what you need to know about Real Estate to Get Started:

[Irungu Nyakera, CBS @wnyakera]

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[Library Mindset @librarymindset]

10 Books That Will Make You A Master Communicator In 2023

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[Flint. @flintoakley]

Stop wasting your life.

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[Abdiwahab Sheikh Abdisamad @AbdiwahabSheik7]

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[RN.Ngala @FficialNtez]

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[Agent44🇰🇪 @Agent44M]

LAND SUCCESSION REQUIREMENTS KENYA. 🧵

So many people in Kenya have had many problems when it comes to Inheriting Land/succession of title deed from deceased parents. So in the following thread, here is a brief step by step including the forms required to undergo the process.

[Andrew Panella @Longevity_EDU]

Dopamine 🆚 Serotonin:

[Secrets Of Old Money @500YearFamily]

Profiles In Generational Wealth

Today we meet a family that defines the concept of wealth in America more than any other.

They are the Rockefellers👇

[Dennis Mutua @mutua_dm]

Hi everyone, so I made a web app to calculate vehicle import duty in Kenya as per KRA guidelines. Here's the link https://t.co/XIhfdfB1pC but you might first need to go through the thread to see how it works.

[Kenny | Accent Investing @AccentInvesting]

82% of jobs require Excel skills and possessing them can put you ahead of your competition.

Here are these basic Excel formulas you must know to increase your earning potential:

[David Harvey | @davidharvey.org on Bluesky @profdavidharvey]

Join me for my 7th free online course, Reading Marx's Grundrisse, which starts on Tuesday, February 7th.

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[Overmind @overmind01]

15 Deep Philosophy Quotes of "Marcus Aurelius"

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