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Heir

In addition to being someone who receives property in a decedent's will, an heir can also be someone who succeeds a person in position or title due to their death. Business partners and elected officials often have heirs who will, upon their death assume their responsibilities. In the case of politics, the heir to the political seat will only hold the seat until the time of the next election or as detailed in the laws of the particular state. In businesses, the heir is usually the surviving partner of the business; however, the decedent could have named an heir to succeed them upon their death. Just as with personal and real property, the decedent should have made arrangements for heirs to business positions if necessary.

Fast Facts

  • Business owners or partners should consider handing over their reins before death to help create tax savings.
  • There can be joint heirs when it comes to passing on a business position or ownership. A parent may choose to make their children joint heirs in the family business rather than bequeath it to one child.

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  • Estate Planning in Idaho

    Any emancipated minor or 18 year old in Idaho can make create their own last will and testament as long as the...
    • Site: lawfirms.com
  • Estate Planning in Virginia

    In many states, Virginia included, the process of probate can be time consuming and stressful for a grieving f...
    • Site: lawfirms.com
  • Real Estate in Texas

    On the surface, a quitclam deed appears to be a quick and simple way to sell your property or land.  However, ...
    • Site: lawfirms.com
  • Whistleblower Protection for Employees

    There are a number of laws that protect workers against retaliation from employers for filing complaints again...
  • Estate Intestate Inheritance

    Leaving a will is the best way to ensure heirs or descendants may inherit from your estate. Issues of property...
    • Site: estateplanninglawfirms.com
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