Intestate

Business / Taxes / Intestate: A person who dies without a will is said to have died intestate. In this case, the probate court in the person’s home state — sometimes known as surrogate’s court or orphan’s court — determines who has the right to inherit the person’s assets and who should be named guardian of any minor children. The process, known as administration, can be time consuming and expensive, and the outcome may or may not reflect what the intestate person would have wanted.

Intestate Succession

Business / Real Estate / Intestate Succession: A succession of a property to the heirs when a person dies without a will. MORE

Heir

Business / Real Estate / Heir: A person who inherits under a will or a person who succeeds to property by the state laws of descent if the decedent dies intestate. MORE

Escheat

Business / Real Estate / Escheat: The reversion of property to the state or county, as provided by state law, in cases where a decedent dies intestate and there are no heirs capable of inheriting or when the property is abandoned. In MORE

Links
Home
Glossary
Thesaurus