General rules on inheritance
Intestacy is the area of law that regulates what happens with a person’s assets when he or she dies. There are rules on who inherits from the deceased and how to regulate the inheritance. This is done by drawing up a will. There are also rules on the inventory of the deceased’s financial situation. This is prepared to provide an idea of the assets and debts the deceased had when he or she died. When a person dies, the assets are part of what is known as the estate. The deceased’s heirs and potential devisees are part-owners of the estate. It is important to know that cohabitants do not inherit from each other. It is therefore very important to prepare a will if you want your cohabitant partner to inherit from you.
When you make an inventory of the deceased’s assets, the estate is managed by the estate owners unless an administrator of the estate is appointed or the deceased appointed an executor of his or her will. There should also be an inventory of the estate which sets out the possessions and debts of the deceased. After that, the inheritance is distributed to the heirs. If the owners of the inheritance do not agree, an executor can be appointment. The executor’s role is to make sure the heirs to the inheritance come to an agreement. If this is not possible, the executor will make an executive decision. The decision can be appealed.
We who work with law of inheritance