Inheritance plays a significant role in how a family views one another. It is one of the most significant sources of family conflict, and sadly, we do have family members that tend to be greedy, among others. The US government has implemented various laws that can help solve this particular conflict or give many families the middle ground for inheritance. These laws are known to be inheritance laws.
This is a contributed post and does not necessarily reflect the opinions of Meet The Harris Family.
What Are Inheritance Laws?
Inheritance laws vary from state to state, but their primary definition is that it is the law followed when distributing the assets of a deceased family member to particular beneficiaries. It’s also the law observed when the deceased family member fails to write a will to address dependents who can inherit their assets and personal property.
If the last will exist and addresses all the assets that a deceased loved one owns, there is no need for inheritance laws. However, for instance, some assets that weren’t addressed by the last will and testament of the deceased individual inheritance laws will be used for those assets.
Ultimately, inheritance laws are a basis for how the court will settle assets when a last will and testament isn’t present. Lawyers play a significant role when in this situation.
Lawyers
Lawyers play a big role in inheritance laws. They can fight for your right to claim certain assets from your deceased family member, as anyone can claim for inheritance in situations where a last will and testament does not exist. This requires a decent amount of evidence and argument from your side and those who wish to claim them. Because by the end of the day, lawyers can dictate whether you can inherit a certain property from a deceased loved one.
This is why you must consult with estate attorneys when you can. A simple consultation can avoid some lawsuits regarding inheritance, and you can save yourself a lot of time and money by doing so. They can also help you win a lawsuit if you’re ever in one.
There are different types of inheritance laws you should know. Although some states have their versions of these laws, the two general types are community property laws and common law.
Community Property Law
The community property law exists in Arizona, New Mexico, California, Texas, Idaho, Nevada, and Washington. There are some variations of this law depending on the states in the list. However, the general principle in community property law is that spouses and the children of the deceased can divide the property and assets of the deceased among themselves.
In most situations, the spouse (if they are still living) can have most of these assets and the properties that the deceased used to own until their death. During the time of their death, the assets and properties are then distributed among the surviving children. This is because the spouse is considered to be a joint property owner.
The distribution of these assets and properties lies mainly at the discretion of the spouse and their living children. If a specific party believes that the distribution of properties and assets is unfair, they can file a claim or a lawsuit against a family member. However, this can cost a decent amount of money and time among those who are part of the lawsuit and is not recommended unless there is a clear discrepancy during the distribution of assets and properties.
Common Law
Common law is what is followed by the remaining states that weren’t mentioned above. Spouses aren’t entitled to half of the assets and properties owned by the deceased under this law. However, they can claim about a third of these if they file a claim in court. Under this law, those who have their name under the property can own it.
In cases where this wasn’t determined or if the deceased member still has their name under the property, those who have the income to purchase a particular property or asset can claim them. This gives some versatility in owning an asset or property from a deceased loved one. But it is certainly more favorable to those who have higher income.
Millions of lawsuits are filed annually in the US alone. Many of these lawsuits come from family members seeking inheritance from their deceased loved ones. Some of these lawsuits can easily be avoided if they only knew the extent of inheritance laws in their state. Now that you have a decent understanding of such laws, it’s up to you whether if it’s worth doing it or not.
