What is the difference between succession and inheritance?
Inheritance and succession are two terms used in Florida estate law. Inheritance refers to the process of inheriting assets from a deceased person’s estate. This could include physical assets such as real estate or money, as well as intangible assets such as a business. Succession is the process of transferring ownership of a deceased person’s estate to their beneficiaries. Inheritance involves the deceased person’s assets passing to their heirs after they have passed away. This could be via a will, trust, or other legal document. The assets are usually given to the heirs according to the wishes of the deceased. It’s important to note that while inheritance laws vary from state to state, the assets are usually distributed according to the laws of the state in which the deceased person resided. Succession is the act of transferring ownership of assets from the deceased to the heir or heirs. In Florida, probate process is the legal process used to transfer ownership of a deceased person’s estate to the named beneficiaries. Not all states have a probate process, so succession laws may vary. Generally, the probate court will review claims of any creditors and look to see that the deceased’s wishes are carried out in the transfer of assets. In a nutshell, inheritance is the process of receiving assets from the deceased, while succession is the process of transferring ownership of those assets to the beneficiaries. While both processes involve transferring assets from the deceased to the heirs, there are different laws and procedures involved in each.
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