All issues related to inheritance are solved as per the inheritance law. Most countries have a separate inheritance law that deals with bequests included by a deceased person in his will or living trust.
The law of inheritance affects almost everyone at some stage of life. According to inheritance law, every person with family responsibilities should make a will. When a person dies leaving behind a will, there are seven basic steps that must be followed as required by the inheritance law.
Credibility of the will needs to be established. The will needs to be validated to ensure that it really is the last one written by the deceased person and was testified. This requires the will to go through probate court.
Next important step is to contact the heirs mentioned in the will.
Third important step is to verify the existence of all the assets such as bank accounts, stocks, bonds, real estate properties and other valuables that are mentioned in the will. It is the moral and legal responsibility of the estate executor to identify all the assets of the deceased person, collect them and protect them until they are distributed.
It is mandatory to settle all the credits and federal taxes associated with the estate before any of the inheritance is dispersed. Executors must notify all the creditors and settle all the claims in a prompt manner.
Information about the death of an individual must be duly notified to the Social Security Commission, insurance companies and credit card companies to cancel all the existing contracts of the deceased person.
Distribution of inheritances must occur under the careful supervision of probate court. For this, the executor is required to file all the papers related to inheritance before the probate court. These include inventory of the estate, accounts and legal documents.
In situations where the deceased person has not written any will, surviving spouse inherits the entire property in the absence of children. If the person has any children, spouse receives half of the property, while the other half is distributed among the children.
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