A Brief Overview of Intestacy

Intestacy

When an estate is classified as being intestate, the owner of the estate has died prior to establishing a legal will. As a result, an administer must be appointed to distribute the deceased's assets following established intestacy laws. Intestacy rules are specified in the Succession Act of 1965.

Testamentary Trust

A testamentary trust is often established by parents who are leaving a significant monetary inheritance to a minor or a young adult. In the event that a single parent or parents die, a testament trust will ensure that the inheritance is handled by a responsible adult, until the specified period.

Letters Testamentary

Letters testamentary are documents that are produced and issued by a court within a deceased individual's jurisdiction. These testamentary letters provide either a bank, attorney, or additional organization with the authority to act as the executive, and distribute the deceased's estate, following either a will or the laws on intestacy.

Primogeniture

Primogeniture is the practice in which, upon the death of parents, the first born male inherits the entire estate. This procedure was widely practiced in many locations throughout the world, including most of Europe and the United States. Today, this practice has been discontinued in many locations., or altered to include first born females.

Disclaimer

In some instances, an individual who is entitled to a portion of a deceased individual's estate will not want to acquire his/her inheritance. There are many different reasons why an individual may choose to refuse his/her inheritance. In order for an individual to achieve this, he/she must file a disclaimer of interest.

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