What does it mean to inherit a family business 3rd grade

Inheritance of family business means that the heir bears the estate of the decedent in accordance with the law, also known as the right of inheritance.

The right of inheritance has the following legal characteristics:

1. It is a property right, and the transfer of property is realized through inheritance.

2, based on personal relations. Countries around the world on legal succession provisions, are based on the existence of the heir and the decedent of marriage, blood and other relations based on the determination.

3, the realization of the right of inheritance to have certain legal facts. The right to inheritance under the law is only an expectant right of the heir; only after the death of the decedent of this legal fact, the right to inheritance becomes vested right, the beginning of inheritance. In countries where the testamentary system of inheritance is practiced, the legal fact that the decedent created a will is also required.

Inheritance, is the direct use of the properties and methods of one object by another. It also refers to the acceptance of the deceased's property, office, title, position, etc., in accordance with the law or in compliance with a will. Inheritance of family property is the inheritance of a parent's property.

In our country, the inheritance of the estate can be divided into four kinds of inheritance, namely, legal inheritance, testamentary inheritance, bequest support agreement and bequest

1, legal inheritance: refers to a way of inheritance directly in accordance with the law of the scope of the heir, the order of inheritance, and the principle of distribution of property. Legal heirs are divided into two orders: the first order for the spouse, children, parents; the second order for siblings, grandparents, grandparents. Widowed daughters-in-law to the father-in-law, mother-in-law, widowed son-in-law to the father-in-law, mother-in-law, to do the main support obligations, as the first order of heirs. Only if there is no first-order heir or if all first-order heirs have renounced or lost their right to inherit, the second-order heirs can inherit. If the children of the decedent die before the decedent, the children of the decedent's children shall be succeeded by the next of kin in the direct line of descent.

2, testamentary inheritance: refers to the decedent by will, the property will be designated to the legal heirs of a person or persons, while the share of inheritance to determine. The heirs designated by testamentary succession must be the legal heirs. Wills can be in the form of notarized wills, self-written wills, wills in lieu of wills, and recorded wills. The testator has made several wills in different forms with conflicting contents; if there is a notarized will, the last notarized will shall prevail; if there is no notarized will, the last will shall prevail. The will shall reserve the necessary share of the inheritance for the heirs who lack the ability to work and have no source of livelihood. Testamentary succession takes precedence over legal succession, and only in the absence of a legal will of the decedent is succession carried out in accordance with legal succession.

3, bequest support agreement: refers to the citizen and the support person, collective ownership organization entered into an agreement on support, bequest. This mode of inheritance is mostly applicable to the unsupported elderly, they can be taken care of in their old age, can sign an agreement with other people or organizations, according to the agreement, the support person to bear the citizen's obligations of life, death and burial, enjoy the right to be bequeathed. In this type of inheritance, the heir can be any individual or organization and is not subject to the limitations of legal heirs. Among the several modes of inheritance, the bequest and support agreement is the most effective, taking precedence over testamentary inheritance, legal inheritance and bequest.

4, bequest: refers to the citizens by will to the estate of the property rights of a part or all of the state, collective organizations, social groups or individuals other than the legal heirs, in the testator's death, the legal effect of the legal act. The legatee shall, within two months after becoming aware of the bequest, make an indication of acceptance or renunciation of the bequest; if no indication is made by the expiration of the period, the legacy shall be deemed to have been renounced. When the legatee dies before the legatee, his or her right to receive the bequest naturally disappears. However, if, after the commencement of the succession, the legatee expresses his acceptance of the bequest and dies before the division of the estate, his right to receive the bequest is transferred to his heirs.

Legal Basis

Article 133 of the Civil Code

A natural person may make a will in accordance with the provisions of this Law to dispose of his personal property and may appoint an executor of the will

A natural person may make a will appointing his personal property to be inherited by one or more of the legal heirs.

A natural person may make a will to give personal property to the state, a collective or an organization or an individual other than the legal heirs. A natural person may establish a testamentary trust in accordance with the law.