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What is an Estate?
An estate consists of all property that is owned or controlled by a person at the time of death. (In legal terms, a person who has died is referred to as a "decedent.") Often, a decedent's estate consists of two distinct groups of property:
- Probate property - this group consists of property that passes according to the provisions of the Testator's will or laws of intestacy. This is usually property that is owned solely and outright by the decedent at the time of death.
- Non-probate property - this group consists of property that passes automatically to the surviving beneficiary or co-owner without regard to the decedent's will. For example, life insurance proceeds generally pass automatically to the beneficiary designated in the life insurance policy. The beneficiary receives the proceeds without regard to: (a) whether or not there is a will; and (b) if there is a will, without regard to its provisions. Another example is property owned jointly with rights of survivorship. Upon the death of one of two joint owners, the surviving owner automatically ("by operation of law") becomes the sole owner of all of the property. Again, the surviving co-owner becomes sole owner proceeds without regard to: (a) whether or not there is a will; and (b) if there is a will, without regard to its provisions.
What are laws of intestacy?
When a person dies without having executed (signed) a will, the person is said to have died "intestate." Laws of intestacy are state laws that specify who will inherit the property (i.e. the decedent's probate estate) of a person who dies without a will. For example, in many states, the surviving spouse and children inherit the property of a spouse/parent who has died without a will.
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If you believe you have been wrongfully deprived of all or a portion of your rightful inheritance, you must act immediately to protect your rights. Please click here if you would like us to review your situation.
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