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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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Articles

Results 1-5 of 52 for "heir"

  • 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
  • Common Terms Found in Wills

    Wills are often written with lots of legal jargon, making them hard to interpret. Here are some of the terms y...
    • Site: willsandtrustslawfirms.com
  • How Is an Estate Settled If There's No Will: Intestate Succession

    If you're settling the estate of a deceased person who hasn't left a will, you probably have more than a few q...
    • Site: nolo.com
  • Army Pensions in a Divorce

    In military families, pensions can be complicated.  In cases of divorces between military couples, effectively...
    • Site: divorcenet.com
    • 7 of 7 user(s) found this useful
  • 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

Q&A

Results 1-5 of 10 for "heir"

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