Should We Do a Succession or Secession for My Father-in-Law's Estate?

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Discussion Overview

The thread centers around a participant seeking guidance on handling the estate of their deceased father-in-law, specifically regarding whether to pursue succession or secession. Participants share their experiences and emphasize the importance of legal advice in navigating the complexities of estate management.

Discussion Character

  • Anecdotal
  • Opinion-based
  • Technical explanation

Main Points Raised

  • One participant expresses confusion about the terms "succession" and "secession" and seeks clarification on which process to pursue.
  • Another participant, identifying as a consultant, suggests consulting an attorney who specializes in inheritance law due to the complexities involved.
  • Several users mention the necessity of professional legal help, noting that estate management can be confusing and varies by state law.
  • One participant shares their personal experience as an executor of multiple estates, highlighting the potential complications that can arise.
  • Another participant expresses sympathy for the original poster's loss and reiterates the importance of seeking professional legal assistance.

Areas of Agreement / Disagreement

Participants generally agree on the need for professional legal advice, with no clear consensus on the specific terms or processes to pursue.

Contextual Notes

The discussion reflects personal experiences and concerns related to estate management following a family member's passing, emphasizing the emotional and logistical challenges faced by the original poster.

Who May Find This Useful

Consultants who are navigating similar estate issues or seeking to understand the complexities of inheritance law may find this discussion relevant.

rbvernon
rbvernon
Silver Member
Messages
176
:confused: I know this is not about PC but I do have a problem that I need help on.

My father-n-law pasted away on Saturday, and my hubby is the only child (my hubby mother is still alive). Well my mother-n-law & father-n-law is divorced (for the record). My FNL left everything to my hubby except for the house b/c it is still under my MNL & FNL. Anyway getting to the point. I wanted to know everyone is giving us different advice. I wanted to know if we should do a succesion/secession? Which one is it? Succession? or Secession? or do I have it wrong? I was told that we have to do one, if not we will get fined after 9 months(?).

My reason is b/c he has a lot of bills and we want to sell the house and pay what we can. My hubby & I want to keep his car (which he still owes on, but we think he has insurance to pay for it if something happens to him). Also the MAIN focus is that he said to us and a family member that he has a large amount (insurance policy) taken out; but we can't find anything on it. If we get a lawer to do the succession/secession, he should be able to find it. RIGHT?

My hubby & I are so lost and not sure what to do? If you have help us I would greatly appericate it.
 
  • Thread starter
  • #2
bumping... i need help......???
 
You need to talk to an attorney who specializes in this type of law (inheritance). This is some complicated stuff, and may involve quit claim deeds to sell the house, some bills may not need to be paid as he died, etc. Get professional legal help...and the bills may be paid for from the estate your DH inherited.Robin
 
you need to talk to an estate planning attorney. This is not anything that your fellow PC consultants can help you with.
 
Follow the previous postings advice. I've been the executor of my step-fathers and grandmothers estate and will be for my other grandmother. It gets very confusing and there are many twists and turns especially if not all i's and t's are dotted and crossed. Go seek legal advice.
 
First and foremost, I'm very sorry for your loss. Many of us could give you advice but even if it's in good faith it could be wrong. Since there are so many different laws that vary in each state we couldn't fully give you the right advice except to seek some professional legal help. I hope all turns out well.
 
  • Thread starter
  • #7
thanks so much. i just really thought maybe some on went thru this and could give us advice on what we should do. i believe we are going to get a attorney.

thanks so much for your advice.
 

Frequently Asked Questions

What is the difference between succession and secession in the context of an estate?

Succession refers to the process of transferring ownership of an estate or assets after someone passes away, typically following the laws of inheritance. Secession, on the other hand, is a term more commonly used in political contexts and does not apply to estate planning. In the context of your father-in-law's estate, you would be considering succession.

What factors should we consider when deciding on succession for my father-in-law's estate?

When deciding on succession, consider factors such as the size and complexity of the estate, the wishes of your father-in-law, the relationships among heirs, tax implications, and any outstanding debts or liabilities. It's also important to evaluate whether a will or trust is in place and how it outlines the distribution of assets.

Is it necessary to consult a lawyer for succession planning?

Yes, consulting a lawyer who specializes in estate planning is highly recommended. They can provide guidance on the legal requirements, help draft necessary documents, and ensure that the succession process adheres to state laws. This can help prevent disputes among heirs and ensure that your father-in-law's wishes are honored.

What are the potential consequences of not having a succession plan in place?

Without a succession plan, your father-in-law's estate may be subject to intestacy laws, which dictate how assets are distributed without a will. This can lead to unintended beneficiaries, family disputes, and delays in the distribution of assets. Additionally, the estate may incur higher taxes and legal fees, reducing the overall value passed on to heirs.

How can we ensure that my father-in-law's wishes are honored in the succession process?

To ensure your father-in-law's wishes are honored, it's crucial to have a legally binding will or trust that clearly outlines his desires regarding asset distribution. Regularly updating these documents, communicating openly with family members, and involving a legal professional in the process can help minimize misunderstandings and conflicts during the succession process.

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