Mind Your Estate-What You Should Know About the Law of Succession

Being close knit is one of the most important goals for many Asian Indian families because of their core belief that successful family members are beneficial for the entire family. Business and family are interconnected; statistics trends show that 77 per cent of all Asian Indian entrepreneurs start a business to provide for their families, and this effort is recognized with patronage and support of the business venture. There is, however, an area of business structure where Asian Indians fall behind the general market— ownership of personal financial business products to ensure their loved ones are financially secure in case the major bread winner passes.

One area of family law that is a response to this situation is the Law of Succession, a form of protection with statutory rules that govern the Inheritance of a deceased person’s property when there is no will. The surviving spouse or children have rights of inheritance but generally the surviving spouse is more favored. For example in California where any property is acquired during the marriage the spouse can petition to the court to obtain ownership but where the property is acquired before marriage, the spouse is only entitled to one third of the property and the remainder belongs to the children if there are two or more. However, the surviving spouse may claim all of the property if the deceased has no children or immediate family members.

Family law is often complex and varies from State to State so no general rule really applies. An attorney who specializes in this area can clarify all the principles related to your jurisdiction because after the death of a loved one the worst thing to think about is how one will cope financially. Sometimes the death of a family member can tear apart the closest families as a result of finances. It’s unfortunate but people begin to get materialistic and only self-interest becomes paramount. This is intensified a lot more when someone dies without a will. Even though the law protects immediate family member having representation makes life a lot easier.

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