Intestate succession is when someone dies without a valid will, and their property is transferred to heirs according to regional law. The government appoints an executor to distribute assets appropriately. Writing a will can avoid this and ensure special bequests are honored.
Intestate succession is a process through which the property of one who died without a valid will is transferred to the heirs according to law. In this case, the executor, instead of distributing the assets according to the provisions of a will, complies with the regional law in determining the methods for dissolving the assets. Legitimate succession is actually quite common; even wealthy people sometimes neglect to make wills or draft wills that are not considered valid.
The term “owner” means “without a will”. Someone can die intestate in the sense that a will was never written or is not found, even if it is believed to exist. There may also be situations where a will exists but cannot be considered valid. Perhaps because it was not prepared properly or because it lacks witnesses. More complex legal challenges to validity, such as questions about whether or not the testator was sane, can be argued in court by surviving family members.
When someone dies intestate and the estate exceeds the debts, a problem arises because the wishes of the deceased are not known. By statute in most regions, the government dictates how properties should be broken up. As a general rule, the surviving spouse is favored in legal succession, although some regions may also indicate that certain assets must pass to the children. In the rare instances that someone dies with no surviving family members, the property can revert to government ownership.
In case someone dies without a will, not even an executor has been named. An executor is appointed by the government to process the estate and ensure that everything is concluded and that the assets are distributed appropriately according to the laws of legal succession. Solicitors are often asked to act as executors in such situations and may charge a fee for their services to the estate.
People can avoid insolvency by writing a will, confirming that it is valid, and making sure the location of the will is known to family and friends. Many attorneys who help people draft wills are also happy to keep a copy of the will on their premises so it’s easily accessible. Making a will is also important if people think they have no assets; Wills can be used to make special bequests that might not otherwise be honored, for example, and to let people know about possessions they may not know about, such as a safe deposit box in a bank.
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