Who are the beneficiaries of an Estate?
• Who qualifies as a Beneficiary?
• Rights of a Beneficiary
An inheritance tax is paid anytime a portion of a deceased person’s estate is transferred to a qualified beneficiary. This is true whether a person leaves a Will or not. In the absence of a Will, the state provides guidelines for who qualifies as a beneficiary of a deceased person’s estate.
If married, the husband or wife is awarded the deceased person’s estate. If a person has a registered civil partner, they are eligible for the person’s estate. However, surviving partner who remains unmarried or unregistered to the deceased person is not qualified for receiving any portion of the estate.
If married, the deceased individuals married or registered civil partner gets priority for receiving the estate. The interest or income of funds located in a bank account for example is directly credited to the partner. The original amount invested however is passed to their children if the partner passes away.
If both parents are deceased, the deceased individual’s estate passed to their children. Depending on state or local laws in your area, illegitimate and adopted children are also given a portion of the estate. But in order for the children to gain control assets awarded to them, they must be of legal age (18 years or older) or they must enter a period of guardianship where funds are placed in trusts until they reach the required age. Portions of the estate are divided equally to the deceased children. In cases where one of the children has passed away, their rights to the estate in turn is passed to their children.
In instances when the deceased has no husband, wife or registered civil partner, all assets and properties are passed to the nearest relative. The rules regarding receivership are similar to those found in the awarding of administration rights in probate cases.
Any surviving or both parents of the dead person.
Siblings of the deceased individual who have similar mother and father (same blood) are given next priority. In cases where a brother or sister is deceased, right are passed to their descendants.
Half brothers or half sister, cases where the deceased individual shares the same mother or father but not both. Rights to the estate are awarded to their descendants in cases when they become deceased.
In the absence of the above persons, grandparents of the deceased individual are awarded the estate.
Aunts or Uncles (whole blood), meaning brothers and sisters of the parents of the deceased share both parents, rights are passed to their descendants.
Aunts or Uncles (half blood), brothers and sisters of deceased individuals parents who share only one common mother or father.
The state receives the estate in cases where the deceased person has no relatives.
If you have any questions regarding Probate Law please visit Attorney Adrian Philip Thomas with offices located at Fort Lauderdale, Florida
