Define: Succession

Succession refers to the process by which a person’s property, assets, rights, and obligations are transferred to another person or entity upon their death.

A will is a legal document that specifies how a person’s assets and property should be distributed after their death. It is important for succession because it allows individuals to dictate their wishes and ensure their assets are distributed according to their preferences.

If someone dies without a will (intestate), their estate will be distributed according to the laws of intestacy in their jurisdiction, which typically prioritise distribution to surviving spouses, children, and other close relatives.

The individuals or entities eligible to inherit under succession laws vary depending on the jurisdiction but often include spouses, children, parents, siblings, and other close relatives. In some cases, non-relatives or charitable organisations may also be eligible beneficiaries.

An executor (if named in a will) or administrator (if no executor is named or no will exists) is responsible for managing the deceased person’s estate, including gathering assets, paying debts and taxes, and distributing assets to beneficiaries according to the terms of the will or the laws of intestacy.

Yes, succession can be challenged in court through a legal process known as probate litigation. Common reasons for challenging succession include disputes over the validity of the will, allegations of undue influence or coercion, or claims of improper administration of the estate.

Probate assets are those that must go through the probate process before being distributed to beneficiaries, while non-probate assets pass directly to designated beneficiaries outside of probate. Examples of non-probate assets include life insurance proceeds, retirement accounts with designated beneficiaries, and assets held in trusts.

Yes, effective succession planning can help minimise estate taxes and avoid the probate process by utilising strategies such as creating trusts, establishing joint ownership with rights of survivorship, making lifetime gifts, and using tax-efficient estate planning techniques.

To start the succession planning process, individuals should consult with an estate planning attorney to review their assets, discuss their goals and wishes, and create a comprehensive plan that addresses the distribution of assets, guardianship for minor children, healthcare directives, and other important considerations.

Yes, succession laws can vary significantly between jurisdictions, including differences in intestacy laws, probate procedures, tax regulations, and rules governing wills and trusts. It is essential to consult with legal professionals familiar with the laws of the relevant jurisdiction when planning for succession.