What is intestate succession?

What will be an ideal response?

If a person dies without a will or trust—that is, intestate—or if his or her will or trust fails for some legal reason, the property is distributed to his or her relatives pursuant to a state's intestacy statute. Relatives who receive property under intestacy statutes are called heirs. Although intestacy statutes differ from state to state, the general rule is that the deceased's real property is distributed according to the intestacy statute of the state where the real property is located, and the deceased's personal property is distributed according to the intestacy statute of the state where the deceased had his or her permanent residence. Intestacy statutes usually leave the deceased's property to his or her heirs in this order: spouse, children, lineal heirs, collateral heirs, and other next of kin. If the deceased has no surviving relatives, then the deceased's property escheats to the state. In-laws do not inherit under most intestacy statutes.

Business

You might also like to view...

The compromising strategy entails _____ concern for one's own interest and a moderate concern for the interest of the other party.

Fill in the blank(s) with correct word.

Business

In an organization that has implemented SAP, the accounting department receives a message that it can bill a customer for a sale when the ________

A) order is picked and packed at the warehouse B) sales order is approved in SAP C) sales order is generated in SAP D) warehouse posts the goods issue in SAP

Business