An estate not of inheritance refers to a freehold estate that lasts for the duration of a person's life. Unlike traditional estates that pass directly to heirs, this type of estate transfers to the executor or administrator of the estate upon the owner's death. This means that the property or interest does not go directly to the heirs but is managed by the appointed representative of the estate.
This term is often used in estate planning and probate law. It is relevant in contexts where property ownership is transferred upon death but not directly to heirs. Legal professionals may utilize this concept when drafting wills or managing estates, ensuring that the executor or administrator handles the estate according to the deceased's wishes. Users can find helpful legal templates through US Legal Forms to assist in creating necessary documents.
Here are a couple of examples of abatement:
Example 1: A person creates a trust that allows their friend to live in their house for life. Upon the friend's death, the house will go to the executor of the estate, who will then distribute it according to the will.
Example 2: A parent leaves a car to their child but specifies that the car is part of an estate not of inheritance, meaning it will be managed by an administrator until the child reaches a certain age. (hypothetical example)
| State | Variation |
|---|---|
| California | Allows for specific provisions in wills regarding estates not of inheritance. |
| New York | Has strict guidelines on how estates are managed by executors. |
| Texas | Recognizes different types of estates, including those not of inheritance. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Difference |
|---|---|---|
| Estate of Inheritance | An estate that passes directly to heirs upon death. | Transfers directly to heirs, unlike an estate not of inheritance. |
| Life Estate | A property interest that lasts for the life of a specific person. | Similar but may not involve an executor or administrator. |
If you find yourself dealing with an estate not of inheritance, consider the following steps:
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The estate is managed by the executor or administrator, who distributes it according to the deceased's wishes.