Inherit the estate by statutory law if the ancestor dies without a will (intestate). In a broader sense, those who inherit by will, deed, or operation of law.
A person who dies without having made a will. The estate, in these circumstances, is divided according to the rules of intestacy. The division depends on the personal circumstances of the deceased.
A testator (or testatrix) is an individual who creates a will to dictate the distribution of their property and assets after their passing. Without a will, the property passes to the heirs according to state law or reverts to the state.
Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.