Week 3 Lecture:

The laws of succession for testate or intestate death can be surprising or even confusion. It is important to know that states can vary in the way they administer and to whom. Many states have adopted a uniform probate code UPC and some states have adopted a modified version. Each person should know which state of residence rules takes jurisdiction.  A will needs to be valid for it to take precedence. Accountants most time do not come in contact with will validity, but attorney and paralegals often do. To master estate preparations, the will may require some additional investigation. A handwritten will is a holographic or holographic will. To be valid it needs to have a date and entirely handwritten with a signature at the bottom for it to be valid. Some states such as Florida Montanah and Vermont do not allow or acknowledge a Holographic will. 

Death without a will- INTESTACY makes for a very interesting estate handling. Did you know that if a person dies without any children and without a will the estate belongs to the sibling (s)?

That is what occurred in Prince the artist death. 

DQ3: Discuss the difference between descending and ascending lineage?

Why is this important?

Week 3 Lecture Answer

If a person failed to create a will before his demise, the state law would determine its distribution. The law or the intestate succession statute gives preference to relatives or kindreds. It means that the law prioritizes the descending and ascending lineage. Ascendants are the ancestors while the descendants are the successors. In simple terms, the ascendants are those that are older than the person who created the will such as parents and grandparents.