Estate law is a set of laws that pertain to the transfer, management, and distribution of property and assets after a person's death. These laws may be used to protect the interests of the deceased's estate, family members, and creditors.
If you're interested in learning more about estate law, read our post on how to create an estate plan.
Image Source: Google
Estate laws can vary from state to state, but some common provisions include intestacy laws (which determine who inherits property after a person's death), wills and trusts (which establish property and asset ownership), and commercial law (which governs the sale and transfer of business assets).
The Purpose of an Estate Law:
Estate law is a body of law that governs the disposition of an estate, which is the property and assets of a deceased person. Estate law can apply to any individual, regardless of whether they are legally deceased. Estate law also applies to trusts and other legal arrangements created in connection with an estate.
Estate planning is a crucial component of estate law. A well-executed estate plan can help avoid probate, which is the process of distributing an estate's assets after a person dies. Probate can be expensive and time-consuming, and it can result in substantial delays in the distribution of an estate's assets.