When it comes to estate planning in Cherry Hill NJ, there are various important terms you need to know about. However, there are certain terms that you must know. Knowing these terms and their significance can help you throughout your estate planning process. By educating yourself with these terms, you can make informed decisions.
If you want to plan your inheritance, you need the help of Cherry Hill NJ Probate Lawyers. They can help you understand the laws and how everything works. Moreover, they can also handle the paperwork so you can focus on more important things, such as your career or your family.
Importance terms to know about inheritance
Decedent is the first word related to inheritance that you must familiarize yourself with. They are the most important person in your estate planning process. The meaning of the term, according to the dictionary, is “a deceased person.” However, a decedent does not refer to any dead person.
It refers to someone whose assets are supposed to be distributed among a number of beneficiaries. The terms of the distribution are often available in written form where the decedent’s wishes contain.
The executor of the Will, chosen by the decedent before their death, carries out the procedure to make sure everything happens as per the deceased person’s wishes.
The terms decedent and descendant can often confuse people, and some even use them interchangeably. However, they are very different, and one should be aware of their differences to understand the process fully.
A descendant is someone who is a beneficiary or someone who is entitled to receive some part of the decedent’s estate. They are often close family members, such as spouses, children, parents, grandparents, grandchildren, etc.
There is a lot of confusion regarding an heir and a descendant. One similarity between the two is that both of them are entitled to receive some part of the decedent’s estate and are included in the Will. However, an heir is someone who is in a direct line of descent, unlike a descendent.
To put things into perspective, a descendant only receives a part of the estate when they are mentioned in the Will. However, an heir is someone who is guaranteed to receive some estate when there is no Will at all. This means that the court considers an heir an automatic owner of a person’s property if they die without creating a Will.
- Per Stirpes.
Per Stirpes is a legal term that determines how a deceased person’s property will be distributed among their relatives and other beneficiaries in case one of them dies. For example, suppose you have three children, and you included them in your Will. If one of the children dies before you do, the per stirpes will evenly distribute your deceased child’s part among the surviving children.