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Simple English definitions for legal terms
intestate share
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A quick definition of intestate share:
An intestate share is the portion of a deceased person's assets that would go to their renouncer if they did not leave a will. It is a specific amount of the total assets that is determined by law. A share can also refer to a part of a company's ownership, represented by a stock, which can be bought and sold by investors.
A more thorough explanation:
Definition: The share that a person who renounces a will would receive from the assets of a deceased person if the deceased person did not leave a will that affects the distribution of assets.
Example: If a person dies without leaving a will, their assets will be distributed according to the laws of intestacy. The intestate share is the portion of the assets that would go to the person who renounces the will. For example, if a person dies without a will and has two children, the intestate share would be divided equally between the two children.
This term is important in estate planning because it highlights the importance of having a will. If a person dies without a will, their assets may not be distributed according to their wishes, and the intestate share may not reflect their true intentions.