How are assets distributed in an estate?

Assets in an estate are typically distributed according to the deceased individual's will or according to state laws of intestacy if there is no will in place. First, any debts and taxes owed by the deceased must be paid off. Then, the remaining assets are distributed to beneficiaries as outlined in the will or as determined by the state laws if there is no will. This process is overseen by an executor or administrator who is responsible for carrying out the wishes of the deceased and ensuring that assets are distributed fairly and according to legal requirements.

This mind map was published on 30 November 2024 and has been viewed 41 times.