What is intestate succession?

Prepare for the Metro Brokers Exam with flashcards and multiple choice questions. Each question is accompanied by hints and explanations. Get ready for your certification!

Intestate succession refers to the distribution of a deceased person’s property when they have died without a will. This process is governed by the laws of the state where the deceased resided, which means that specific statutes dictate how the property is to be divided among heirs. Typically, the estate is distributed first to the closest relatives, such as spouses and children, and if no immediate family is available, it may extend to more distant relatives.

The other options deal with different aspects of property management or legal processes. Writing a will is related to testamentary succession, where a person intentionally outlines their wishes for property distribution before death. Voluntary transfer of property through a contract pertains to how property is exchanged or sold, not how it is distributed after death. Lastly, provisions for medical decisions relate to advance directives or healthcare proxies and have no relevance to how an estate is handled after someone dies. This context reinforces the understanding that intestate succession specifically addresses the laws and procedures for distributing property in the absence of a will.

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