15:53
@JumpySubsequentDolphin: I can respect the hustle.
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Simple English definitions for legal terms
beneficiary heir
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A quick definition of beneficiary heir:
A beneficiary heir is someone who inherits property from a person who has died without leaving a will. They are entitled to receive the property according to the laws of intestacy. In some cases, a beneficiary heir may only be responsible for paying off debts up to the value of the inheritance they receive. The term "heir" can also refer to someone who inherits property through a will or by intestate succession, and can include both real and personal property.A more thorough explanation:
A beneficiary heir is a person who inherits real or personal property, whether by will or by intestate succession. In civil law, a beneficiary heir is an heir who accepts an inheritance but whose liability for estate debts is limited to the value of the inheritance. This means that if the debts of the estate exceed the value of the inheritance, the beneficiary heir is not responsible for paying the difference.
For example, if John's father dies and leaves him a house worth $200,000, but the estate has debts of $300,000, John is only responsible for the value of the house. He does not have to pay the additional $100,000 in debt.
Beneficiary heirs are different from unconditional heirs, who choose to inherit without any reservation or without making an inventory. Unconditional heirs are responsible for all debts of the estate, even if they exceed the value of the inheritance.
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