In order to organize, extend and plan the future of your estate, it is crucial for you to know the basic norms of Estate Law. This general knowledge will allow you to clearly understand the implications regarding your absence; as well as the different legal alternatives that you have within your reach to project the economic capacity and future well being of your relatives with a certain degree of certainty. Additionally such information will better prepare you in order to avoid potential conflicts and lawsuits among them. Have you thought on the education and future of your children and grandchildren after your passing? In order to face with total openness the potential problems that could originate from your death, it is necessary to make a successful “estate planning”.
In fact, the passing away of individuals has economic, tax and civil consequences of great relevance that must be evaluated in advance by every person. Within this group of consequences, we can mention the modification or transfer of ownership over the decedent’s property. This transfer of property upon death is named succession. Succession can be intestate or testate (will) depending on the intention of the decedent. Thus, the testate succession implies the change of title of one or several estate legal relationships perfectly individualized (legacy/bequest); while the ones in intestacy constitute changes of title of the whole estate of a person or a share of said totality in accordance with the norms relating to the next of kin (heirs).
As for the amount of the decedent estate, heirs must pay the corresponding estate taxes, and for this purpose, the total estate of the decedent must also be taken into account. Needless to say, that if a proper analysis is done on “estate planning”, the greater the benefits that heirs will have, taking into account economic, legal and tax consequences.
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