The essay will discuss what happens to liquid assets when they die, family estate succession, and contesting a will. Mainly, when a person dies, family members go through a series of legal and financial steps. Thus, it allows the family members to sort the deceased’s affairs. A will left by the deceased allows for the distribution of the remaining assets and the payment of debts. However, issues may arise when close family members want a share of the assets, pitting them against the deceased’s children. Family estate succession may become challenging, especially when family members contesting a will feel entitled to the deceased’s children.
SETTLING INHERITANCE WITHOUT A WILL
Settling inheritance without a will may prove difficult, and thus the court’s interference in family estate succession is important. Primarily, finding out who should inherit various types of properties requires locating documents that establish beneficiary designation. Surviving spouses and children get the largest share of the inheritance, and when none is available, relatives receive the share. Moreover, the state will acquire a deceased person’s assets if there is no surviving heir or relative present. In the case of a dead heir, the children of the heir can receive part or the whole inheritance. The essay will highlight family estate succession and contesting a will in court by close family members.
CONTESTING A WILL AND ISSUES IN FAMILY ESTATE SUCCESSION
Contesting a will is not just a matter of disliking the terms in the will. Mainly, there are four legal reasons why one would want to contest a will in most states. However, the reasons are difficult to prove in a court of law. The cases can get expensive due to fees such as the attorneys and experts fees involved. When a will gets signed without following the applicable state laws, then the will can get contested. Secondly, the will can get contested if the testator lacked testamentary capacity to sign the will. Family estate succession may get challenges through contesting of a will by loved ones.
contesting a will and issues in family estate succession
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