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Top 5 Strategies For Successful Construction Project Management

Learn to make the most of your construction projects by following these five straight-forward strategies below:

Published

2 years ago

November 19, 2021

TwinzTech

Risk Management in Construction What Should You Know

Project management can be complicated if you aren’t aware of precisely what goes into successfully managing projects. You can spend most of your life managing projects, and every one of them will have its own unique set of variables that will make your job challenging – but in a good way. Learn to make the most of your construction projects by following these five straight-forward strategies below:

Table of Contents

1. Visit The Site Regularly

Site visits are the best kind of learning experiences that you could offer your project management team. Not only do they give you an excellent insight into the area you’ll be building in, but they also help you to keep track of your project; visually.

Site visits are needed because they provide you with an accurate and thorough experience of the space you will be working in and around. Allow and encourage your team to observe and ask questions afterward.

2. Hire An Experienced Team

When looking for the right team for the job, you should always keep in mind that experience is often far more valuable than certificates. Just because someone theoretically knows what they are doing does not mean that will translate out on site.

Don’t discount those with formal qualifications; their education is essential – try and find the candidates who have both the capabilities and the experience necessary for the project. They will do wonders for your overall risk management on site.

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3. Use The Right Software

Using the right project management software for construction can save yourself and your team so much time. These programs are designed to make your life easier, minimize your tasks, and take over the parts of the job that need doing, but no one ever wants to do them – like invoicing.

If you are uncertain of where to start, do a quick search based on your company’s unique requirements. Remember to jot down what you need beforehand so you don’t leave out any aspects. You need to adopt a continuous planning approach to your projects, and the right software will allow you to do this.

4. Communicate Regularly

Communication before, while, and after a construction project is vital. Effective communication allows you to connect with your teams on-site and all relevant stakeholders in the project.

Your team members have to be on the same page, and poor communication will make this impossible. Not communicating with your teams will always result in delays and miscommunication. Create a clear flow of communication from the onset of every new project.

5. Manage Your Time Carefully

You need impressive time management techniques if you are going to run a successful construction project. Time management is one of the single most important factors to consider and plan for if you intend on meeting your deadline.

If you can’t recognize the last time your team completed a task ahead of schedule, perhaps it is time to invest in quality staff training programs. Time management is too important to ignore.

Business

Navigating the Process of Selling Deceased Estate Shares

This article aims to provide a comprehensive guide to selling shares from a deceased estate. Process of Selling Deceased Estate Shares.

Published

1 week ago

May 9, 2024

TwinzTech

Navigating the Process of Selling Deceased Estate Shares

Table of Contents

1. Understanding the Basics of Selling Deceased Estate Shares

Dealing with a deceased estate can be a challenging and emotional process, especially when it comes to handling financial assets like shares. This article aims to provide a comprehensive guide to selling shares from a deceased estate.

2. What are Deceased Estate Shares?

Deceased estate shares refer to the stocks and shares that were owned by an individual who has passed away. These shares become part of the deceased’s estate and are subject to the terms of their will or estate plan.

3. The Importance of Valuing the Shares

The first step in selling deceased estate shares is to obtain a current valuation. This valuation is crucial for several reasons: it helps in distributing the estate among beneficiaries, it may be necessary for tax purposes, and it gives an idea of the market value of the shares.

4. Legal Requirements and Executor Responsibilities

The executor of the estate plays a pivotal role in the management and distribution of the deceased’s assets. This section will cover the legal responsibilities and steps the executor needs to take to lawfully sell the shares.

5. Obtaining Probate

Before any action can be taken with the shares, it’s often necessary to obtain probate. Probate is a legal process that confirms the executor’s authority to deal with the deceased’s assets.

Transferring Shares into the Executor’s Name

Once probate is granted, shares may need to be transferred into the name of the executor. This process varies depending on the company and the type of shares.

6. The Process of Selling Shares

After completing legal formalities, the executor can proceed with selling the shares. This section will outline the steps involved in this process, including choosing a brokerage or financial service, understanding market conditions, and making informed decisions.

Deciding on the Right Time to Sell

Timing can significantly impact the returns from selling shares. Executors need to consider market conditions and financial advice to determine the best time to sell.

Completing the Sale

This subsection will detail the actual process of selling shares, including placing orders, handling transaction fees, and ensuring all regulatory requirements are met.

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7. Navigating Tax Implications and Reporting

Managing tax obligations is a critical aspect of selling deceased estate shares. This section will explain the potential tax implications and the importance of accurate reporting for both capital gains tax and inheritance tax considerations.

Understanding Capital Gains Tax Responsibilities

When shares are sold, any profit made from the time of the deceased’s passing to the sale date may be subject to capital gains tax. Executors need to be aware of these implications and plan accordingly.

Inheritance Tax Considerations

In some jurisdictions, the value of the deceased estate’s shares might impact inheritance tax calculations. It’s essential for executors to understand these aspects in order to ensure compliance with tax laws.

8. Common Challenges and How to Overcome Them

Selling deceased estate shares can present unique challenges. This section will discuss common issues such as disputed wills, fragmented information about the shares, and market volatility.

Dealing with Disputed Wills and Beneficiary Disagreements

Disputes over the will or disagreements among beneficiaries can complicate the process. Executors must handle these situations delicately and legally.

Managing Market Volatility

Shares can be subject to market fluctuations. Executors should be prepared for this volatility and may need to consult financial advisors to navigate these waters effectively.

9. Tips for Executors Handling Deceased Estate Shares

This section will provide practical advice for executors, including the importance of seeking professional advice, keeping thorough records, and communicating clearly with beneficiaries.

Seeking Professional Financial and Legal Advice

The complexity of selling shares from a deceased estate often necessitates professional advice. This can range from legal counsel to financial advisory services.

Record Keeping and Communication with Beneficiaries

Maintaining transparent and thorough records is crucial. Executors should also prioritize clear and consistent communication with all beneficiaries to avoid misunderstandings.

Conclusion

Selling shares from a deceased estate is a responsibility that requires careful attention to legal, financial, and interpersonal dynamics. By understanding the process, staying informed about tax obligations, and tackling challenges head-on, executors can fulfill their duties effectively and respectfully.