An heir is a person who has a legal right to receive an inheritance when the deceased did not draw up a last will and testament.
Generally speaking, the heirs who inherit the property are the children, descendants or other close relatives of the testator.
From a legal point of view, heirs are different from beneficiaries who are named in a will or other written documents as the intended recipients of the deceased’s assets.
Part of the property of a deceased person, bequeathed to an heir, is called an inheritance.
When a person dies without a will, this is called making a will, and the probate court determines how the assets are distributed.
AB trust is a joint trust created by a married couple; after the death of one of the spouses, the trust is divided into the survivor’s part (Trust A) and the bypass part (Decedent’s Trust or Trust B).
The agency, if necessary, allows any person or entity to act on behalf of another person when the beneficiary cannot explicitly give permission to do so.
A generation skip trust (GST) is a legally binding arrangement whereby assets are passed on to the grantor’s grandchildren or anyone 37.5 years younger, bypassing the grantor’s next generation of children.
Annuity preservation trusts (GRAT) are estate planning instruments in which the grantor freezes assets in a trust from which they receive an annual income.
A Health Care Power of Attorney (HCPA) is a legal document that gives a specific person the right to speak with others and make decisions on your behalf regarding your health, treatment, and care.