Focus on Estate Planning : Intestate Vs Testamentary Succession

Estate Planning

Intestate Succession

Intestate succession is the legal process that determines who inherits a person's assets when they die without a will. Here are some key points to understand about intestate succession:

• The laws of intestate succession vary by state and country.

• In general, spouses and children are the first in line to inherit assets in an intestate estate.

• If there are no surviving spouses or children, parents or siblings may inherit the assets.

• If there are no surviving relatives, the assets may go to the state or government.

• Intestate succession can be a complicated and time-consuming process, and it is often recommended to create a will to ensure that your assets are distributed according to your wishes.

Testamentary  Succession

Testamentary succession is the process of transferring property or assets after a person's death based on their will or other legal document. This legal process ensures that a person's assets are distributed according to their wishes and can help avoid disputes or confusion among family members. Some important considerations to keep in mind when planning for testamentary succession include selecting a trustworthy executor, creating a comprehensive and clear will, and reviewing and updating the will as needed to reflect changes in circumstances or preferences.