“Heir” is a legal term used to describe someone who is entitled or is next in line to inherit an estate after someone passes away. An estate includes any property and/or possessions owned by an individual, such as real estate, money, cars, furnishings, jewelry, and any personal effects. When a person passes away, their estate must be legally settled, with whatever remains being distributed among their designated heirs or beneficiaries.
When someone dies without having previously established a will which names beneficiaries, the laws of intestate succession determine who will receive the estate. Intestate succession laws are different in each state and determine which individuals are entitled to inherit as heirs to the estate. Generally speaking, a spouse, children, and siblings have priority when it comes to inheriting. If none of these are present, the laws of some states designate other family members, such as parents, in-laws, and aunts and uncles. If none of these heirs exist, the state can become the recipient of the estate.
Heirs who are entitled to inherit an estate may not always be aware of their next-in-line status. In order for heirs to stake their claim and properly inheritance any estate left to them, they must first be located. Companies, such as HeirSearch.com, specialize in assisting executors, trustees, attorneys, and probate courts to locate and identify potential heirs and guiding them through the legal process.
Heirs should also be aware of any potential estate or inheritance taxes that may need to be paid once they inherit an estate. Each state has its own regulations and rules, so heirs should consult a qualified estate attorney to determine any applicable taxes. Heirs should also become aware of all of their options, as well as the distributions timelines and deadlines.
Conclusion
Heir is an important legal term that refers to someone who is entitled to inherit an estate upon the death of another. It is important for possible heirs to be aware of their rights and responsibilities, and they may need help identifying and locating them. Various state laws and regulations must be followed when settling an estate, including the potential for estate and inheritance taxes. With the help of a qualified estate attorney, heirs can get the answers they need to get their inheritance in a timely manner.