What is the difference between succession and inheritance?
Succession and inheritance are two processes related to the transfer of wealth and other property rights. Succession is the legal process that occurs upon the death of an individual, in which their estate is divided and distributed according to the laws of the state in which they resided. Inheritance is the actual acquisition of property rights resulting from the succession process. In Maryland, the succession process is overseen by the court and first requires a petition by the deceased’s personal representative. The court then decides on the distribution of the estate according to the terms of the deceased’s will or, if there is no will, according to Maryland’s intestacy laws. Once the succession process is complete, the actual transfer of property rights occurs through the inheritance process. In essence, succession is the legal process by which an individual’s estate is divided and the inheritance process is the transfer of the property rights resulting from that process. During the succession process, the court must determine the legal validity of a will, if there is one, and must also determine who is entitled to inherit the deceased’s property. Once the succession process is complete, the inheritance process is used to transfer the rightful property rights to the heirs.
Related FAQs
What is a trust protector?What is the settlor’s intent?
What is the Rule Against Perpetuities?
What is anancillaryadministration?
What is an inter vivos trust?
What are the rights of a surviving spouse?
Is a living trust based on state or federal law?
What is a generation-skipping transfer tax?
What is an Asset Protection Trust?
What is a charitable lead trust?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023