Inheritance Laws: Passing on to Children

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There are many special circumstances that are in place when a person makes his or her will, especially when it comes down to what others may receive from them. One thing that should be kept in mind is Law of Inheritance, which typically describes the rights a person has when it comes to property of a spouse or relative who has passed away. They vary from area to area, but these laws sometimes operate when the deceased doesn’t even have a will.

 

When it comes to the relation to the deceased, if you are related by blood or marriage, then most laws will cover how you will receive your inheritance and when. However, if you are listed in the deceased will then you will receive whatever has been left to you.

 

If you are a spouse of someone who has recently passed away, then there are a few things that might happen. It will depend on whether a will is involved, whether your state follows either community property or common law property rules, or if you and your spouse have been divorced. In a community property state, the spouse gets half of the marital property that is obtained during the marriage. In common law, inheritance is determined by ownership of the property based on titles.

 

Many are concerned however when it comes to their children- what will they receive? If you have created a will or a separate trust, then they will receive whatever you put in it. The inheritance otherwise, however, does not always automatically include children. They may be entitled to a portion, but it does not always go right to them. It may go to the surviving spouse first. If a will is left, inheritance laws might also include more distance relatives, such as nieces and nephews.

 

It makes sense to have questions about how your family will receive their inheritance.  Give First Anguilla Trust a call today and understand just how your family could be affected.

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