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:
“As to honour—you know—it’s a very fine mediaeval inheritance which women never got hold of. It wasn’t theirs.”
—Joseph Conrad (1857–1924)
“Say not you know another entirely till you have divided an inheritance with him.”
—Johann Kaspar Lavater (1741–1801)
“Late in the afternoon we passed a man on the shore fishing with a long birch pole.... The characteristics and pursuits of various ages and races of men are always existing in epitome in every neighborhood. The pleasures of my earliest youth have become the inheritance of other men. This man is still a fisher, and belongs to an era in which I myself have lived.”
—Henry David Thoreau (1817–1862)