WHAT IS PROBATE? WHAT IS INHERITANCE?
To start let’s first define Inheritance.
An inheritance is something you receive from someone who has passed away.
“Inherit” is the word for receiving an inheritance.
An inheritance usually comes through a process called “probate”.
Probate is, simply put, wrapping up all the financial and legal affairs of somebody who has passed away. Probate starts with identifying all of the assets that belonged to a person who passed.
If the deceased didn’t have a will, his closest relatives inherit everything.
If he had a will, the assets fall into two categories:
1 – You have those assets that might specifically be earmarked for a certain person. For example, in his will, the decedent might have written “I want my sister to get my car“.
That is called a specific inheritance.
2. Whatever is not a specific inheritance goes into what is called “residue” in the probate world.
The residue then goes to whomever the deceased named in his will.
For more information, visit us at InheritMore.com
If you prefer to read, the video transcription is below:
WHAT IS PROBATE? WHAT IS INHERITANCE?
To start let’s first define inheritance.
An inheritance is something you receive from someone who has passed away.
“Inherit” is the word for receiving an inheritance.
An inheritance usually comes through a process called “probate”.
Probate is, simply put, wrapping up all the financial and legal affairs of somebody who has passed away.
Probate starts with identifying all of the assets that belonged to a person who passed.
If the deceased didn’t have a will, his closest relatives inherit everything.
If he had a will, the assets fall into two categories:
1 – You have those assets that might specifically be earmarked for a certain person. For example, in his will, the decedent might have written “I want my sister to get my car“.
That is called a specific inheritance.
2. Whatever is not a specific inheritance goes into what is called “residue” in the probate world.
The residue then goes to whomever the deceased named in his will.
For more information, visit us at InheritMore.com
