As a business owner, it is important to understand the legal definition of survivor. Simply put, a survivor is a person who outlives another. This term is often used in wills to designate what shall transpire when a particular legatee survives, or fails to survive, another legatee.
For example, let’s say that you have a will that leaves your assets to your spouse, but if your spouse does not survive you, then your assets will go to your children. In this case, your spouse is the first legatee and your children are the second legatee. If your spouse outlives you, then they will inherit your assets. However, if your spouse does not survive you, then your assets will go to your children as the surviving legatee.
Understanding the legal definition of survivor is important for business owners because it can impact how your assets are distributed after your passing. It is important to have a clear and concise will that outlines your wishes and designates legatees in the event of your passing.
In addition, it is important to regularly review and update your will to ensure that it reflects your current wishes and circumstances. This can include changes in your personal life, such as marriage, divorce, or the birth of children, as well as changes in your business, such as the acquisition or sale of assets.
Talk to a Fitter Law attorney: as a business owner, it is important to understand the legal definition of survivor and how it can impact the distribution of your assets after your passing. By having a clear and concise will that designates legatees and regularly reviewing and updating it, you can ensure that your wishes are carried out and your assets are distributed according to your wishes