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Intrinsic Factor

question 64

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Intrinsic factor


Definitions:

Personal Representative

is an individual appointed to manage the estate of a deceased person, including distributing assets to beneficiaries.

Intestate Succession

The process by which the property of a deceased person is distributed by law to heirs when that person dies without a valid will.

Heirs

Individuals legally entitled to receive property from a deceased person's estate under state intestacy laws when there is no valid will.

Probate

A legal process through which a deceased person's will is validated, and their assets are distributed according to the will or state law if there's no will.

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