Assets are possessions owned by an individual that hold value, such as money, property, equipment, and goodwill. Upon the individual’s death, these assets may be inherited by their heirs, known as assets by descent. Some assets, like a savings account, can be easily converted into cash, while others, like a house, may require more time and effort to sell.
Assets per descent are the portion of an estate that is inherited by the heirs and is sufficient to cover the deceased person’s debts. When a person dies, their assets are distributed among their heirs, and the assets per descent are used to charge the heirs with the deceased person’s specialty debts. For example, if a person leaves behind a house worth $500,000 and a car worth $20,000, and their debts amount to $200,000, the assets per descent would be $320,000 ($500,000 + $20,000 – $200,000). These assets are distributed among the heirs according to the laws of inheritance, and the heirs are responsible for using them to pay off the deceased person’s debts. This calculation is done by subtracting the deceased person’s debts from the total value of the assets passed down to the heirs.
Assets per descent refers to the distribution of assets among the heirs or beneficiaries of a deceased person’s estate according to the laws of inheritance.
Assets per descent are determined by the applicable laws of intestate succession, which vary depending on the jurisdiction. These laws outline the order of priority for distributing assets among the deceased person’s heirs.
The potential heirs in assets per descent typically include the deceased person’s spouse, children, parents, siblings, and other close relatives. The specific order of priority may differ based on the jurisdiction’s laws.
Yes, the distribution of assets per descent can be altered through a valid will or other estate planning documents. By creating a will, a person can specify how they want their assets to be distributed among their heirs, deviating from the default rules of assets per descent.
If there is no will in place, the assets per descent will be distributed according to the laws of intestate succession. These laws vary by jurisdiction but generally prioritize the deceased person’s closest relatives as beneficiaries.
Yes, assets per descent can be challenged if there are valid grounds to believe that the distribution is not in accordance with the applicable laws or if there are allegations of fraud, undue influence, or lack of mental capacity in the creation of a will.
If there are disputes among potential heirs regarding assets per descent, it is advisable to seek legal counsel. A probate court may need to intervene to resolve the conflicts and ensure a fair distribution of assets.
Depending on the jurisdiction, there may be inheritance or estate taxes associated with assets per descent. It is important to consult with a tax professional or attorney to understand the tax implications in your specific situation.
Yes, assets per descent can be affected by debts or liabilities of the deceased person. In some cases, creditors may have the right to claim a portion of the assets before they are distributed among the heirs.
The duration of the assets per descent process can vary depending on various factors, such as the complexity of the estate, the presence of disputes, and the efficiency of the legal proceedings. It is best to consult with an attorney to get an estimate based on your specific circumstances.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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