Inheritance
In context of probate, the estate of a deceased person consists of all the property, whether real or personal, owned by the person at the time of death. Assets that pass to somebody else by operation of law (for example, property held on a joint tenancy basis), do not form part of the deceased estate, even though the person had rights to that property during his or her lifetime. Also, if the deceased owned life insurance and nominated a beneficiary of the policy, the proceeds of that policy would not pass into the deceased's estate, but would go directly to the nominated beneficiary. Similarly, superannuation death benefits can go directly to a deceased's dependent, bypassing the deceased's estate. (See will and intestacy) The estate of a deceased person is administered by an executor (in the case of a will) or administrator (in the case of intestacy). The function of the executor and administrator is to protect the assets of the estate, pay out all expenses and the decedent's liabilities and distribute the balance in accordance with the directions in the will.
Read more about this topic: Estate (law)
Famous quotes containing the word inheritance:
“Every third year you shall bring out the full tithe of your produce for that year, and store it within your towns; the Levites, because they have no allotment or inheritance with you, as well as the resident aliens, the orphans, and the widows in your towns, may come and eat their fill so that the LORD your God may bless you in all the work that you undertake.”
—Bible: Hebrew, Deuteronomy 14:28,29.
“I call it our collective inheritance of isolation. We inherit isolation in the bones of our lives. It is passed on to us as sure as the shape of our noses and the length of our legs. When we are young, we are taught to keep to ourselves for reasons we may not yet understand. As we grow up we become the “men who never cry” and the “women who never complain.” We become another generation of people expected not to bother others with our problems.”
—Paula C. Lowe (20th century)
“A child is born with the potential ability to learn Chinese or Swahili, play a kazoo, climb a tree, make a strudel or a birdhouse, take pleasure in finding the coordinates of a star. Genetic inheritance determines a child’s abilities and weaknesses. But those who raise a child call forth from that matrix the traits and talents they consider important.”
—Emilie Buchwald (20th century)