What is a division of assets upon death?
Division of assets upon death is a term used to describe the process of distributing assets after a person dies. In Alabama, the assets of a deceased person are generally divided according to state inheritance law. These laws determine who has a legal claim over the deceased person’s assets, as well as which assets are considered to be part of the estate. Generally, the surviving spouse, children, and parents have the first claim to the assets, but other family members may also be entitled to inheritance. When dividing assets, the court will first identify the assets of the deceased which are considered to be part of the estate. This could include things such as real estate, personal property, financial accounts, and life insurance policies. Once the assets have been identified, the court will divide them among the surviving family members according to the law. This process may involve a court-appointed executor or trustee to make sure that the assets are distributed according to the law. When assets are divided among family members, they may be given outright ownership or the assets may be held in trust until the beneficiaries reach the age of majority. The trust will be managed by a third-party who will make sure to distribute the assets according to the wishes of the deceased. The division of assets upon death is meant to ensure that the deceased’s wishes are carried out and that the estate is divided as fairly and equitably as possible.
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