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INHERITANCE - Coggle Diagram
INHERITANCE
Pass Asset/Property
Decendent (giver)
only individuals
Heirs (receiver)
individuals
alive at/after & conceived at/before the time the property pass to them
organization
exist
When
decedent pass away
inheritance take effect
Types
Testamentary Inheritance
Heirs
Independent heirs
parents (biological/adopted)
spouce
children (<18): biological/adopted
children (>=18): unable to work
Person name in wills
Valid will
Content
comply with law
Will
clear mind, willing
Testator
(>=15 (>=15 - <18: parents' approval))
Form
oral
life-threatening only
(>=2 witness write down)
notarized within 5 days
written
(>=15 - <18)
have singnature of their parents or guardians
physically handicapped, illiterate
wittness
notarized
Divide property
Person who name in will
decided by will
Independent heir = 2/3 x portion by law
Intestacy (inheritance in law)
Heirs
1st rank
parents (biological/adopted)
spouce
children (biological/adopted/stepchildren (if they live with decedents))
Succeeding Inheritance
Divide property
Equally among heirs
Portion by law = (Total asset)/(Heirs at law (often 1st rank))
Heirs at law
1st rank
parents (biological/adopted)
spouce
children (biological/adopted/stepchildren)
2nd rank
grandparents
brothers and sisters
grandchildren
3rd rank
great grandparents
blood aunties and uncles
nephews or nieces
great - grand children
No will, invalid will (whole/part)
heirs disclaimed inheritance rights/died simultaneously or before