The succession includes the transmission of his property to his descendants. The children then inherit from their parents. For them, this is one of the issues that gets angry, especially when we talk about the division of property, and when it comes to settling undivided ownership.
The solution frequently adopted by parents to avoid disputes between heirs is the prediction of their succession during their lifetime. Fortunately there are many choices to transmit his legacy. Life insurance is the most common. The will is the most solemn, but there is also the legacy and the gift. For these different means, inheritance taxes differ. In AG Law NJ you can have the best support now.
The will and its wording according to the type
The parent records his last wishes in a will. It is a way of preparing one’s succession. In this letter or document, he designates the persons who will benefit from each of his property. This will avoid disputes between the heirs. If the writing of the will requires seriousness, its reading when the time comes is distressing for the whole family. For a will to have a certain value, it must be established properly, according to the rules. The testator can choose between different types of wills. Among these are the holographic will, the will dictated to the notary and the mystical testament.
The holograph will
This testament is manuscript. One must find there the mention: “This is my testament”. Do not forget to specify the date of writing, your identity as a testator and the identity of the heirs. This act must include your signature.
The will dictated to the notary
In fact, it is the testator who dictates his will to the notary. This one writes it, of course. This testamentary act is authentic, it is indisputable, but it must include the identity of the heirs and all that concerns the property bequeathed. Their exact distribution among the beneficiaries must be clearly established.
The mystical testament
The testator here prepares his will not only in front of the notary, but also in front of witnesses. The wording of the sentences must be explicit. Do not forget to mention the date of writing, your identity as a testator and those of the heirs. You will sign this testamentary act before putting it under wraps and sealing it all. The notary will be the curator.
Legacy and donations
You give or you leave your property to your children. The legacy and the gift are two different modes of transmission of goods to his descendants. The first is done during the lifetime of the donor, and the act is irrevocable. The second is written in the will. The heir will benefit when the testator is no more.
Attention, the donation is much more regulated than a donation. This alternative to the will is advantageous in that it can help a needy loved one. The fees are more affordable than the inheritance fees duly paid by the heirs.
A deceased who has transmitted his inheritance to his heirs transmits property in joint ownership that is to say that the inheritances are pooled. Each of the undivided heirs then receives a share. None of them can make an important decision without the agreement of others. If a decision has to be made, a vote will be taken, the 2/3 majority of which will be accepted. The sale of an inherited house is an example of an important decision. The heirs must agree unanimously to sell it or not.