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:
“It is very difficult to be wholly joyous or wholly sad on this earth. The comic, when it is human, soon takes upon itself a face of pain; and some of our griefs ... have their source in weaknesses which must be recognized with smiling compassion as the common inheritance of us all.”
—Joseph Conrad (1857–1924)
“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)
“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)