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inheritance - Coggle Diagram
inheritance
inheritance by law
no will written
legitimate heirs
1st group
husband/wife
children, grandchildren
EQUALLY
2nd group
spouse (husband, wife), parents
who lived with testator for at least a year
husband/wife at least 1/2
3rd group
siblings
sibling's kids in case siblings died
4th group
grandparents/ their children
aunts/ uncles
inheritance law
EASEMENT
rights & obligations
tangible & intangible assets
movable & immovable property
PROBATE PROCESS
validates the will
identifies & appraises assets
paying debts & taxes
distributing estate to beneficiaries
ESTATE TAXES
taxes imposed on transfer of assets from deceased to heirs - CANCELLED IN 2004
governs how deceased person's estate is distributed
EXECUTIONS & ADMINISTRATORS
appointed to manage the deceased person's estate duriing PROBATE PROCESS
inheritance from will
is REVOCABLE
legal document, outlines wishes of the testator
distribution of their assets & properties
has to have 2 witnesses
cannot excludable legitimate heirs
minors
adult children
combined - will + law
descendants of testator have the right to a certain share
acquisition of inheritance confirmed by COURT - probate process
inheritance that is not acquired by anyone goes to the STATE