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Wills and Inheritance

Wills and Inheritance. Inheritance Law. Inheritance Law (sometimes called Wills and Probate) is concerned with the distribution of a person’s property following their death

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Wills and Inheritance

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  1. Wills and Inheritance

  2. Inheritance Law • Inheritance Law (sometimes called Wills and Probate) is concerned with the distribution of a person’s property following their death • This may occur either in accordance with the provisions of a will, or under applicable rules relating to intestacy (when a person dies without having made a will)

  3. Will • ‘Last will and testament’ • The document by which a person directs what should happen to their property after their death

  4. Making of a will • A will must be made of free will, without coercion and it must be: • 1) in writing, • 2) signed by the testator (the person making the will), and • 3) witnessed by at least two witnesses

  5. Validity of a will • The testator must be over 18 when the will is made and of sound mind • The will must appoint one or more persons to carry out the terms of the will (executors)

  6. Beneficiaries (legatees) • Persons who inherit property under a will • The property of a deceased person is known as their estate • It may comprise land and real estate (real property or realty) and all other property (personal property or personalty)

  7. Revocation and alteration of wills • A will can be revoked or altered in the following ways: • 1. By making a new will that makes it clear that the previous will(s) are revoked • 2. By destruction of the previous will • 3. By marriage or divorce • 4. By amendment (an attached codicil)

  8. Life interest • A bequest which stops when you die (f.e. the right to live in a house for your lifetime) • When you die, the house etc. becomes the property of the ‘remainderman’ named in the will • The person who is given a life interest is called the ‘life-tenant’

  9. Residue • What is left to distribute from the estate once all the debts and taxes have been paid

  10. Why it is important to make a will • If you die without a will (die intestate), there are rules which dictate how your estate should be allocated • Unmarried partners cannot inherit from each other unless there is a will • If you have children, arrangement for the children should be made if either or both parents die

  11. What should be included in a will • How much money and what property and possessions you have • Who you want to benefit from your will • Who should look after any children under 18 (a guardian) • Who is going to sort out the estate and carry out your wishes as set out in the will (executors)

  12. Intestacy • To dieintestate • Inthatcase, theperson’s property is distributedinaccordancewiththeintestacyrules • Theorderofpriority (family) – heirsbyintestacy or legal heirs

  13. Probate • The official document which confirms that the will is valid and states who the executors are • Generally, the term probate is used to refer to the various laws and courts which deal with wills, intestacy, inheritance and disputes over estates

  14. Vocabulary • Testator – oporučitelj • Executor – izvršitelj oporuke • Beneficiary (legatee) – nasljednik • Guardian - skrbnik • Real estate – nekretnine • Revocationof a will – opoziv oporuke • Alterationof a will – izmjena oporuke • Life interst – doživotno pravo uživanja posjeda • Bequest – ostavština, oporučni dar, nasljedstvo

  15. Vocabulary II • To die intestate – umrijeti bez oporuke • Intestacy – nepostojanje oporuke • Heir by intestacy – zakonski nasljednik • Probate – sudska ovjera oporuke • Probate court – ostavinski sud

  16. Vocabulary exercise • Complete the following passage: A will should name an estate ___________ to guide the estate through the ___________ process. A will should also name a ____________ if there is a minor child involved. In the absence of a valid will, the _____________ decides who will inherit the property and distributes it to the legal __________ based on the laws of the state.

  17. Answer key A will should name an estate EXECUTOR to guide the estate through the PROBATE process. A will should also name a GUARDIAN if there is a minor child involved. In the absence of a valid will, the PROBATE COURT decides who will inherit the property and distributes it to the legal HEIRS based on the laws of the state.

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