What is meant by Legacy administration?
"Legacy management" refers to the organization and administration of assets or endowments bequeathed to individuals, organizations, or institutions through a will or inheritance. Legacy management includes the administration of estate executorships, the distribution of assets, and the documentation and compliance with legal requirements related to inheritances and legacies.
Typical software functions in the area of "legacy management":
- Legacy and Asset Management: Managing and documenting legacies and assets, including the allocation of assets to beneficiaries according to testamentary instructions.
- Executor Management: Assisting with the management and coordination of the tasks of an executor, including monitoring the fulfillment of testamentary directives.
- Distribution Planning: Planning and documenting the distribution of assets to heirs and beneficiaries, including the calculation of shares and the creation of distribution plans.
- Documentation and Reporting: Creating and managing relevant documents such as wills, probate certificates, and distribution reports. Also includes generating reports on the progress of legacy management.
- Compliance Management: Ensuring compliance with legal and tax regulations related to inheritances and legacies, including monitoring tax filings and estate tax payments.
- Communication Management: Managing communication with heirs, beneficiaries, attorneys, and other involved parties, including coordinating and documenting meetings and correspondence.
- Financial Management: Managing financial transactions related to legacies, including processing payments, accounting, and creating financial reports.
- Archiving: Storing and managing all relevant documents and records related to legacy management for future reference and legal requirements.