Intestacy law refers to the law that governs what happens to a person's property if he or she dies without a will. It is distinct from probate law, which governs how wills are enforced. Intestacy law allows a court to determine the proper distribution of assets in a fair and streamlined manner.
When a person dies, he usually leaves assets behind. Wise estate planning dictates that a person should write a will that distributes his possessions. When a valid will is created, the requests of the deceased will be enforced by the court and the executor of the estate.
If an individual dies without a will, someone must determine what is done with his assets. Since no executor has been named, the responsibility falls to the court. Thus, laws must determine what the court is to do.
Intestacy laws are designed to ensure the fairest distribution of monies and to try to ensure the funds go to the deceased's next of kin. Intestacy laws differ by country and by state, but it is common for intestacy laws to look at the closeness of a familial connection when distributing the assets.
Thursday, December 23, 2010
Monday, December 20, 2010
Basic Information and Documents Required in Probate Proceedings
• A copy of the death certificate
• A list of funeral, burial and undertakers expenses
• The original Will and any amendments or attachments if any OR
• Where there is no Will, a list of all next of kin of the Deceased: - To
include: spouse, children, parents, brothers/sisters, nieces/nephews. Relatives who pre-deceased the deceased must also be disclosed.
• The addresses of all beneficiaries/Next of Kin
• The occupations and RSI (PPSN) tax numbers of all beneficiaries/next of kin
• A list of Assets of the Deceased including property, bank accounts, Credit Union accounts,
Post Office accounts, shares held, bonds, cars etc.
• Details of debts of the Deceased to include funeral expenses, outstanding loans, credit card bills etc.
• Details of the Deceased's RSI (PPSN) tax number
• Details of the Deceased to include: His/Her address and former addresses, occupation, date of birth, marital status. If Separated/Divorced, contact details of former spouse.
• A list of funeral, burial and undertakers expenses
• The original Will and any amendments or attachments if any OR
• Where there is no Will, a list of all next of kin of the Deceased: - To
include: spouse, children, parents, brothers/sisters, nieces/nephews. Relatives who pre-deceased the deceased must also be disclosed.
• The addresses of all beneficiaries/Next of Kin
• The occupations and RSI (PPSN) tax numbers of all beneficiaries/next of kin
• A list of Assets of the Deceased including property, bank accounts, Credit Union accounts,
Post Office accounts, shares held, bonds, cars etc.
• Details of debts of the Deceased to include funeral expenses, outstanding loans, credit card bills etc.
• Details of the Deceased's RSI (PPSN) tax number
• Details of the Deceased to include: His/Her address and former addresses, occupation, date of birth, marital status. If Separated/Divorced, contact details of former spouse.
Saturday, December 18, 2010
Inheritance Rights
Inheritance rights are the laws that dictate who can claim a deceased person's estate. Jurisdictions have different sets of regulations dealing with the finer points, but all share certain similarities. In most cases, the rights of individuals to claim property and assets after a death are dictated by a will or family relationships to the deceased. Rights may be different for spouses, ex-spouses, biological children, and adopted children in regards to claiming a portion of an estate.
The creation of a will is generally the easiest way to assure that all assets are properly distributed after death. This simple document allows a person to set forth precisely what property, money, and other assets goes to specific individuals upon death. Under the laws of inheritance, an individual may contest a will in court if that individual feels the will was not an accurate distribution of assets. If the decease person has no will, which is called dying "intestate," property is usually distributed according to the laws of the jurisdiction.
The creation of a will is generally the easiest way to assure that all assets are properly distributed after death. This simple document allows a person to set forth precisely what property, money, and other assets goes to specific individuals upon death. Under the laws of inheritance, an individual may contest a will in court if that individual feels the will was not an accurate distribution of assets. If the decease person has no will, which is called dying "intestate," property is usually distributed according to the laws of the jurisdiction.
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