What is estate administrator under laws of China
Estate Administrator is the executor of testament after inheritance begins; in the event of no testament, heirs should choose a heir timely and in case of no selection, all heirs together should be the esate administrator; in case of no heir or all heirs give up the rights, the community commission or the civil administration department of government where the deceased resided should be the administrator of the decedent’s estate.
News:our law firm was listed as a recommended Estate Administrator
Recently, Hexi notary office, Tianjin, publicize the recommended Estate Administrators in which our law firm: Tianjin Bozhuan was listed.
What would be the duty to be as a recommended Estate Administrator
As per the civil code of PRC, the estate administrator’s duties lie on:
- To compile estates and make an inventory
- to make an accounting
- To take necessary measures to avoid the loss and destroy of estates
- To deal with the decedent’s credit and debt
- to distribute estates according to decedent’s will or according to the laws
- other necessary act relating to the estate administration
why Estate Administrator became necessary in China
With the fast development of social economy, people’s wealth are accumulating, the varities of property is not limited to cash, gold and etc. traditional property, real estate and movable property such as vehicles, deposits, funds, corporate shares, insurances, and so on, credit right, intellectual property and virtual property are increasing. In the traditional way of inheritance, there may be facing som social problem. For example, after the decedent passed away, huge assets may exist with much debt. After the inheritance begins and the heirs are pending, this is big possibility that the estate may be destroyed or transferred.