Business, Legal & Accounting Glossary
The method by which property is distributed when a person dies without a valid will. Each state’s law provides that the property be distributed to the closest surviving relatives. In most US states, the surviving spouse, children, parents, siblings, nieces and nephews, and next of kin inherit, in that order.
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This glossary post was last updated: 22nd April, 2020 | 1 Views.