Information On Dividing Inherited Properties With Children
No one knows when it’s you’re time to go, but preparing for it is like preparing for your retirement. One of the things that you need to prepare is your last will and testament, which includes information about your real estate. This states how your property will be divided amongst your children.
Your last will and testament is where your children are assured of their portion of your real estate or other inheritance. The compulsory beneficiaries are the following:
The primary beneficiaries are the descendants or the legitimate children of the owner itself.
The secondary beneficiaries are legitimate ascendants or legitimate parents. They are also the illegitimate parents, which will inherit in default of the primary ones.
Concurring beneficiaries are the living descendants, and/or the illegitimate children.
Except for any legal impediments or otherwise, the estate’s division is according to the following:
To compute the total real estate of the deceased, you need to know the half value of it. The other half will be the hereditary estate, while the other half will be the free portion, which is mandated by the law.
A legitimate child will be getting half of the hereditary estate. If there are two or more legitimate children, then the estate will be dividing half of it. The amount should be equal amongst the legitimate children.
The surviving spouse, on the other hand, should have 1/4 of the hereditary estate, if you only have one child. But if there are two or more children, the spouse will be getting the equal amount that the children will be getting. The share of the spouse will be taken from the estate’s free portion.
The illegitimate children’s portion will be taken from the hereditary estate’s free portion. Every illegitimate child will be getting only half of the legitimate child’s total share.
Now if you don’t have descendants or legitimate children, your ascendants or legitimate parents will get half of the hereditary estate of their descendants and children.
If there is any excess free portion, it will be disposed freely. It will be subject to the rights of the surviving spouse and the illegitimate children. This estate can actually go to any class of person for as long as he or she has the capacity under the Civil Code to succeed.
When it comes to dividing inherited real estate to your children, it is always a complicated matter. That is why consulting an expert will help you layout your last will and testament perfectly. This will also make sure that your children and your spouse will be getting the right amount for them.
Based on Materials from Real Living
Photo Sources: Kiplinger, BaronLawCleavland