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Business Definition for: intestate
Dictionary of Banking Terms
intestate

without a will; a person who dies leaving property but without providing for disposition of his or her estate in a will. A court-appointed representative called an administrator will be appointed to distribute the deceased's property according to state law.

Dictionary of Insurance Terms
intestate

death without a will having been drawn. Under this circumstance, the court follows state law in deciding how the estate of the deceased is to be distributed.

See also estate planning distribution , estate planning
Dictionary of Business Terms
intestate

  1. (adj.) having made no valid will.
  2. (noun) a person who dies leaving no will or leaving one that isdefective. Property goes to the legal heirs of the intestate.

If a person dies intestate, his or her heirs under state law will inherit the property. If there are no heirs, the property will escheat (pass to the state).

Dictionary of Real Estate Terms
intestate

  1. (adj.) having made no valid will.

  2. (noun) a person who dies leaving no will or leaving one that is defective. Property goes to the legal heirs of the intestate.
    Example: If Doris dies intestate, her heirs under state law will inherit her property. If she leaves no heirs her property will escheat .

Related Terms:
estate planning distribution

plan that involves distribution of property by living hand and distribution of property after the death of its owner. Distribution by living hand can take the form of an outright gift, a grant of limited property interest, or a gift in trust. Distribution at death can be accomplished through a will or, if there is no will, as directed by state law;

estate planning

manner of minimizing estate taxes at death. It involves deriving the most favorable tax treatment of wealth. Inheritance is passed on to beneficiaries with the smallest amount given over to taxes. Tax planning aspects for estates include: (1) determining what financial strategy could be developed taking into account the particular assets being considered; (2) the transfer of assets before the taxpayer's death (i.e., transfer title of property to those in low tax brackets); (3) drafting a will considering the tax and asset transfer ramifications (i.e., property can be transferred between spouses without any tax because of the unlimited marital deduction); and (4) having appropriate terms in life insurance policies.

Referring Terms:
intestacy
will
Copyright c 2006, 2000, 1997, 1993, 1990 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
 Copyright © 2000, 1995, 1991, 1987 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
 Copyright © 2007, 2000, 1997, 1987, by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
 Copyright © 2004, 2000, 1997, 1993, 1987, 1984 by Barron's Educational Series, Inc. Reprinted by arrangement with Publisher.
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