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To administer the estate, those who are entitled must apply for 'letters of administration'. If you are entitled to make such an application, but you do not wish to be involved in the administration of the estate, you can use this document to renounce this right. Note that by renouncing your right to a grant, you will NOT affect any entitlement you may have to benefit from the estate; you are merely declining to become involved in the administration.
Unless there's something strange in the language, it is a procedural matter to expedite appointing the administrator without hassle (otherwise the court has to notify you and wait for you to object to the appointment). You're likely (only) renouncing your right to object to the appointment.
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