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What Type of Property Should Be Transferred to Heirs at a Decedent's

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Essay

What type of property should be transferred to heirs at a decedent's death and why? Should estate planning also mean that some property is transferred prior to death? Why?

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Definitions:

Maturity Date

The date on which a financial obligation must be repaid in full.

Promissory Note

A financial instrument containing a written promise by one party to pay a definite sum of money to another party at a specified future date or on-demand.

Account Receivable

The amount customers are required to pay to a firm for goods and services already received but not yet paid for.

Payee

The party in a financial transaction who receives the payment.

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