The cycle of life is you are Born, you Live you Die!
While alive many people acquire property and assets. Unfortunately upon death, you leave all you assets ideally to your loved ones. Many people struggle in life to acquire property especially the scarce asset of land but upon their demise the loved ones may not even know where the land is or are unable to make use of the asset left behind. This beats the whole purpose of struggling to acquire the land as it benefits no one.
Property and especially land which is a scarce asset get their value from the USE you can make of it. The value of land arises from its practical use e.g. construction, agriculture etc. Also it has value when you sell, lease, charge or license. However to utilise land effectively you need to have OWNERSHIP including the REGISTERED OWNERSHIP.
Remember the loved one who left the property for you, worked hard to get this land so why would you not make use of it?
Many people are holding on to Title Deeds and Certificates of Lease that they are unable to utilise to construct, sell, transfer, lease or charge to make it more useful for them. One of the reasons why the beneficiaries do not use the land left behind is mainly because they are unable to transfer ownership to themselves on the Title Deed.
HOW DO YOU CHANGE OWNERSHIP FROM A PERSON DECEASED TO YOURSELF?
It is recommended to get assistance of an Advocate to prepare the documents correctly as they can be rejected if not in the correct format or properly signed and witnessed. However, you can also get assistance from the Lands office staff on the same. Currently the Lands office is in a transition stage of changing the standard forms so it would be prudent to have a lawyer or Lands Office officer guide on the correct forms to use.
Financial Assets usually have the next of kin indicated in the records. With the Confirmation of Grant order the Beneficiary can get the assets transferred to them. Financial assets include shares, insurance, bank accounts and bonds to name a few. Many financial assets are not collected by the inheritors; these are deposited by the financial institution to the Unclaimed Financial Assets Authority. It is useful for inheritors to check with the Authority (www.ufaa.go.ke) in case their loved ones left some financial assets that they were not aware of.
It is no longer necessary for inheritors to get frustrated on how to make assets they have inherited useful and profitable. I hope we will no longer hear of sad stories of families that live in abject poverty yet their safes are full of title deeds and their loved ones had made financial investments to make their future better.
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