23:58
Idk, hard to describe.
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Simple English definitions for legal terms
direct inheritance
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A quick definition of direct inheritance:
Direct inheritance refers to two things. First, it means that when someone dies and leaves money or property to someone else, it goes straight to that person without going through a middleman like a trust. Second, it means that the person who gets the inheritance is closely related to the person who died, like a child or parent. Sometimes, the rules about how much tax you have to pay on an inheritance depend on whether it's a direct inheritance or not. This means that if you're not closely related to the person who died, you might have to pay more tax. It's important to check the rules in your area to see if you qualify as a direct inheritor.
A more thorough explanation:
Direct inheritance
Direct inheritance refers to two different things. Firstly, it means inheritances that go straight to the heir without going through an intermediary like a trust. Secondly, it refers to heirs who are closely related to the person who has passed away, such as their children or parents. In some places, the amount of tax you pay on an inheritance depends on whether it is a direct or collateral inheritance. Direct inheritances are often taxed less or not at all. The laws in each area will determine who is considered a direct inheritor.
Example 1: John's father passed away and left him a house. This is an example of direct inheritance because the house went straight to John without going through a trust or any other intermediary.
Example 2: When Sarah's grandmother passed away, she left her jewelry to Sarah's mother. Since Sarah's mother is a direct inheritor (grandmother to mother to daughter), she did not have to pay any inheritance tax on the jewelry.
These examples illustrate direct inheritance because in both cases, the inheritance went straight to the heir without going through an intermediary. Additionally, in the second example, Sarah's mother did not have to pay any inheritance tax because she was a direct inheritor.