Author Topic: What is Intestacy Law?  (Read 64 times)

robertsmith

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What is Intestacy Law?
« on: November 21, 2017, 08:18:48 AM »
Intestate probate occurs when the decedent dies without a will or a valid will. The estate enters into probate, and the laws of the jurisdiction determine how the personal and real property gets distributed to heirs. Individuals who want to control how their assets are disbursed are often encouraged to draft a will or seek the help of an estate planning attorney. Intestate law is often based on the behaviors of the average resident in regard to the transfer of property, which may not reflect the desires of the decedent. For that reason, many estate planners often help clients to avoid probate altogether by using alternative legal instruments, such as trusts.

The allocation of property as prescribed in many intestate probate laws is often determined by the relationship of the heir to the decedent. For example, a surviving spouse often receives the net estate, which is what’s left after taxes, debts, and legal expenses are paid in their entirety or a significant portion of them. A distant relative is likely to receive little or any of the property if there are other heirs, such as children. Parents of the decedent are also heirs and often receive all of the estate if there is no surviving spouse or children. Intestate laws often prescribe what percent of the estate goes to what heirs.


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What is Intestacy Law?
« on: November 21, 2017, 08:18:48 AM »