The term inherit refers to the process by which an individual receives property, assets, or rights from a deceased person, known as the decedent. This transfer can occur through a valid will or, in the absence of a will, according to state intestacy laws. In simple terms, when someone passes away, their estate is passed on to their heirs or beneficiaries, who are typically family members or close relatives.
In legal practice, the term "inherit" is primarily used in the context of estate law. It is relevant in various legal areas, including:
Users can manage some of these processes themselves using legal templates available through services like US Legal Forms, especially for straightforward estates.
Here are a couple of examples of abatement:
Example 1: A woman named Sarah inherits her grandmother's house after her passing, as specified in her grandmother's will.
Example 2: John passes away without a will. According to state intestacy laws, his assets are divided among his spouse and children (hypothetical example).
Examples of state differences (not exhaustive):
| State | Inheritance Tax | Intestacy Laws |
|---|---|---|
| Pennsylvania | Yes | Spouse and children inherit first. |
| Texas | No | Spouse and children inherit first. |
| California | No | Spouse and children inherit first. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition |
|---|---|
| Bequest | A specific gift of personal property left in a will. |
| Devise | A term used to refer to the transfer of real property through a will. |
| Intestate | Refers to a person who dies without a valid will, leading to state laws governing inheritance. |
If you believe you may inherit property or assets, consider the following steps:
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They are considered intestate, and state laws will determine how their assets are distributed.