Wills and Estates
Today in time of political and legal instability it is difficult to make long-term plans without worrying about your friends and relatives. Apart those, whose rights are determined by current legislation (children, parents, spouses, brothers, sisters, grandparents) there are individuals whose rights could be violated after the passing of a person. For example, Russian family law does not recognize unofficial or unregistered relationships.
Quite often lawyers see a situation where the heirs do not have any idea about the structure of the business, and therefore its assets. It is common where the partners in the business do not wish to part with the shares, assets and revenues that now belong to the heir.
Lack of information about the asset listing of the heir leads to the heir’s rights being violated, and often they remain unaware of this.
The wills and estates are being handles by executors. Executor – is an individual, whose role is to carry out the last will. According with point 1 article 1134 of RF Civil Code, testator can delegate to executor to carry out the will, regardless whether the heir is a relative or not. Executor’s name and signature of acknowledgement must be in the will; or in a statement attached to the will; or in a statement provided to the notary within a month of opening of the inheritance. The function of the executor is to announce the will of the testator, manage the estate till the rights of the heirs are executed, protect and provide safekeeping of the estate.
According to points 1-3 article 1135 of the Civil Code RF the duties of the executor are governed by the will by which he is named the executor and is confirmed by the notary certificate. Unless stated otherwise, executor must carry out the following:
1) Manage asset transfer to the heirs according to the will of the testator and the law;
2) Ensure the safeguarding of assets and management of thereof in the best interest of the heirs;
3) Receive the monies and assets for subsequent transfer to the heirs, if other persons are not entitled to them;
4) Execute the will or demand to execute refusal to accept (the duty to execute the asset related functions is passed to one or more individuals according to the will of the testator), or execute the will (the duty of the heir to carry out asset related function or non-asset related function for the purpose of social benefit ; for example, taking care of the testator’s animals).
Also, the executor of the will has a right to carry out decisions related to will execution, including representation in court proceedings, government agencies, and other institutions.
Legal centre INDEPENDENCE offers complete legal support, including consulting in questions inheritance legislation and execution of documents in accordance with your will for strategy planning and securing the rights of future heirs as well as execution of the will. We also work closely with banks, notaries and security agencies for the purpose of clients’ document and asset safety. All you have to do is advise to your heirs the contract info of the testament executor and we will take care of the rest.