Administration Of Estate: Current State And Prospects

Abstract

The article studies the legal mechanism of estate administration. The author's point of view as to the independent nature of the contract of estate administration is grounded. It is considered to be an effective mechanism of profitability provision and inheritance maintenance till the heirs register inheritance, although the potential capacity of this contract is not fully employed. The following significant features of the contract, which influence its independent nature, are distinguished: 1) the contract of estate administration is signed not by an owner, but by other subjects; 2) the subject matter of a contract is inheritance as a special object of civil rights or its part; 3) the administration of estate includes an extremely wide scope of administrator's actions, who will actually “substitute” the deceased owner acting in order to maintain the objects of inheritance succession.

The paper grounds the necessity to improve current Ukrainian civil legislation due to granting the right to a testator to determine a will administrator. Moreover, the term of an estate administration contract should not be limited by the time of heirs' appearance and succession acceptance as the correspondent law provision significantly decreases the efficiency of inheritance assets administration. The administrator can perform practically and legally as to the objects of succession at least till the time heirs register inheritance. The proposal to grant an administrator the right to dispose the inheritance or its part and possibility to administer funds has been made. The special legal regime of estate administration, first of all an enterprise and a farm as a united property complexes, shares of nominal capital of a business partnership, securities, intellectual property rights must be created within the framework of the Civil Code of Ukraine.