It is important for you to appoint a person to take charge of your property in your absence. An administrator also called an executor, takes over the ownership of your property in case of death or incapacitation. Appointing one will help to reduce conflict among the beneficiaries whom you have recognised as having the right to benefit from the property in your absence or incapacity. The court has the power to appoint to appoint an administrator on your behalf in a case where you have not appointed one. This can be a disadvantage especially in a case where the administrator does not have the interest of all the beneficiaries at heart. When appointing an administrator, here are a few things you should consider:
The administrator should be willing to share all the information regarding the property and the rights that should be accorded to the beneficiaries. Therefore, the person you have in mind should be transparent and accountable to the beneficiaries. Preferably, this should be someone you are familiar with and had a close relationship with for a long time.
The location is an important consideration because of the duties that the administrator has to fulfil. At times, he or she will have to attend regular court sessions in a specific place, which can be difficult if the administrator is permanently far from that location. Moreover, they may have to collect mails and inspect the property. This can be hard if the executor lives far away from the place where most of the assets are located.
As much as you may overlook this attribute, it is important to have an individual who can relay information clearly to the other beneficiaries, lawyers, court prosecutors, tax agents among others. Moreover, you need an assertive individual who will be willing to execute your wishes regardless of the circumstances. He or she should not be persuaded to act against the best interest of the beneficiaries.
Preferably, a person with an interest in that property is bound to take better care of it than a person a person who is not. For instance, if you have one of the beneficiaries getting a larger share of your property than any other, then he or she is better placed to be an administrator. In this way, you can be assured that a larger portion of the property is in good hands.
For more ideas or assistance, contact local estate planning firms.
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