A legatee is a person who has been appointed to receive a person’s property or other assets in the event of their death. Legatees play an important role in wills and trusts, and can have a major influence on how the assets of an estate are handled. Although legatees aren’t always legally required to be appointed, in most cases it is highly recommended that a legatee be appointed to handle the estate’s assets.
The Role of a Legatee
Legatees are responsible for the overall management of a deceased person’s assets. This includes making sure any remaining debts or taxes are paid, that creditors are contacted and assets are distributed to the beneficiaries accurately. In the event of a dispute between executors or beneficiaries, the legatee can be a neutral mediator. In some cases, a legatee may also have the legal power to decide how assets are used, in accordance with the deceased’s wishes.
Choosing a Legatee
Choosing the right legatee is a critical decision. Prospective legatees should be honest, responsible, and have good communication and negotiation skills. The person should be emotionally stable and able to handle the responsibility of managing the estate’s assets. It is also important to review their background and ensure they have the necessary qualifications to handle the duties of a legatee. It is also beneficial to appoint more than one person as legatee, as this can help to ensure that estate assets are properly managed in the event that one of the legatees is unable to fulfil their duties.
Conclusion
Legatees play an important role in the handling of a deceased person’s estate. They are responsible for the overall management of the estate and should be chosen with care. Appointing more than one legatee is also beneficial, as it can help to ensure that estate assets are handled in the deceased’s best interests.