Posted in Finance, Accounting and Economics Terms, Total Reads: 362
Intestate is a legal term which refers to a situation when a person has died without making a legal will for the distribution of his/her property with owning assets whose value is more than the debt enforced and funeral expenses that occur. In case of the current will not covering the entire property of the deceased then such a situation will also be called intestate.
In such a situation it is the responsibility of the court to distribute the assets among the beneficiaries.
In common law, the beneficiary of the property is first the spouse and then the children and descendants. If there are no descendants then the property goes to the parents, the siblings, the siblings’ descendants, grandparents, the parents’ siblings, the parents’ siblings’ descendants.