Лектор докладно проаналізувала разом з учасниками основи спадкового права, а саме:

1. Introduction to Inheritance Law – Вступ до спадкового права.

2. Understanding the Inheritance Process – Розуміння процесу спадкування.

3. Common Issues and Challenges - Поширені проблеми та проблеми.

4. Practical Tips and Resources – Практичні поради та ресурси.

У рамках характеристики спадкового права акцентовано на наступному:

1. Introduction to Inheritance Law – Вступ до спадкового права

• “Inheritance Law" refers to the body of legal principles and regulations governing the transfer of assets, property, rights, and obligations from a deceased individual (the decedent) to their heirs or beneficiaries. It encompasses various aspects such as wills, trusts, intestate succession, probate, estate planning, and inheritance taxes.

2. Understanding the Inheritance Process – Розуміння процесу спадкування

The inheritance receivers - individuals or entities designated to receive assets, property, or rights from a deceased person's estate upon their death. These individuals or entities are typically named in the decedent's will or determined by the laws of intestate succession if there is no valid will.

Inheritance receivers can include family members, friends, charitable organizations, or other designated individuals or entities specified by the decedent. Their rights to inherit are governed by inheritance laws and the terms outlined in the decedent's will, if one exists.

• Heirs are individuals entitled to inherit assets from a deceased person's estate based on laws of intestate succession or terms outlined in a will.

• Beneficiaries are designated individuals or entities named in a will or trust to receive specific assets or benefits from a deceased person's estate.

• Successor is a person or entity who assumes ownership or control of property or rights following the death of the original owner.

• Inheritor is someone who receives property or assets from a deceased person's estate through inheritance laws or a valid will.

• Legatee: A person who receives a legacy or bequest.

"Inheritance" refers to the process by which assets, property, rights, and obligations are transferred from a deceased individual to their heirs or beneficiaries either through a valid will or according to the laws of intestacy if no will exists. It includes the distribution of the decedent's estate, the identification of beneficiaries, and the settlement of any outstanding debts or taxes.

3. Comparing Testamentary Instruments: Will, Codicil, and Trust Deed

WILL - a legal document that outlines a person's wishes regarding the distribution of their assets and property after death.

CODICIL - a legal document that amends, modifies, or supplements an existing will, without revoking it entirely.

Trust Deed - a Trust Deed is a legal document that establishes a trust, which is a legal arrangement where one party (the trustee) holds assets on behalf of another party (the beneficiary).

4. How to differentiate Inheritance Law and Probate Law ?

INHERITANCE LAW:

• Definition: Inheritance law governs who is entitled to receive a deceased person's assets when there is no will or when the will is invalid.

• Intestacy Laws: Inheritance laws determine how the deceased person's assets are distributed if there is no valid will in place, following a set of rules known as intestacy laws.

• Rights of Heirs: Inheritance laws define the rights of heirs and beneficiaries to the deceased person's estate based on their relationship to the deceased.

• Distribution of Assets: Inheritance laws specify how the deceased person's assets are distributed among surviving family members, such as spouses, children, parents, and siblings.

• Transfer of Ownership: Inheritance laws facilitate the transfer of ownership of assets from the deceased person to their heirs or beneficiaries.

PROBATE LAW:

• Definition: Probate is the legal process through which a deceased person's assets are distributed to heirs and beneficiaries, debts are paid off, and the estate is settled.

• Court Involvement: Probate involves the court system to oversee the administration of the deceased person's estate.

• Validation of Wills: In probate, the court determines the validity of the deceased person's will, if there is one.

• Debts and Taxes: Probate addresses the payment of the deceased person's debts and taxes from the estate before distributing assets to beneficiaries.

• Administration: The probate process can be lengthy and costly, as it involves court fees, legal fees, and administrative expenses.

The main difference:

Inheritance law primarily addresses the distribution of assets and property following an individual's passing, while probate law specifically governs the legal process of administering an estate through court proceedings.

Inheritance law often encompasses broader legal principles surrounding estate planning and asset transfer, whereas probate law is more narrowly focused on the formalities and procedures involved in settling an estate after death.

While inheritance law focuses on determining the rightful heirs and beneficiaries of a deceased person's estate, probate law oversees the validation of wills, the payment of debts, and the distribution of assets in accordance with legal requirements.

Despite their distinct focuses, inheritance law and probate law are intricately linked, as compliance with probate procedures is essential for executing the intentions outlined in inheritance planning documents.