15:24
ok thanks! appreciate the insight
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LSDefine
Simple English definitions for legal terms
decedent
Read a random definition: INS
A quick definition of decedent:
Decedent means someone who has died. When someone dies, they leave behind things they owned, like money or a house. These things are called their estate. The decedent can make a plan for how they want their estate to be given to people or organizations they care about. This plan is called a will or a trust. But sometimes, the decedent owes money to other people when they die. In that case, the money they owe has to be paid first before their estate can be given to others. If the decedent didn't make a plan for their estate, the state has rules for how it should be given to people. A court helps make sure everything is done fairly.
A more thorough explanation:
Decedent is a legal term used to refer to a person who has passed away. It is commonly used in the context of estate and trust law.
When a person dies, they still have certain rights and their assets are known as their estate. The decedent can continue to exercise their rights and make decisions through third-party representatives, such as trustees or executors.
The primary ways a decedent can distribute their assets after death are through a will or a trust. However, their right to distribute their property is not absolute and their estate may be subject to the claims of others. For example, if the decedent had outstanding debts, those debts must be paid before their assets can be distributed according to their will.
If a person dies without a valid will, they are said to have died intestate. In this case, their assets will be distributed according to the laws of the state in which they lived.
For example, if John dies and leaves behind a will that states his assets should be divided equally between his two children, his estate will be distributed according to his wishes. However, if John died with outstanding debts, those debts must be paid before his assets can be distributed. If John had died without a will, his assets would be distributed according to the laws of his state.