Facts About Chinese Society's Inheritance
- Wills are recognized in China as a means of legally passing wealth between generations. This kind of inheritance is called "testamentary inheritance." While wills are one way for property owners to secure the transfer of their wealth and property to designated beneficiaries, the Chinese government may support claims of descendants who think property would be more favorably or fairly dispensed to them.
- Passing an inheritance without a will in China is called "statutory succession." Chinese inheritance law establishes an order of succession, with inheritance granted to family members in the order of spouse, children, parents, siblings, paternal grandparents, maternal grandparents. Partial testamentary succession is a practice where only some of the estate has been bequeathed in a will. In this case, the remainder of a person's estate is inherited by family members according to statutory succession practices.
- In China, all succession of property and wealth is subject to marriage law. This means that the surviving spouse can make a claim on the estate of the deceased spouse if the net worth of the deceased spouse's estate is greater than the net estate of the surviving spouse. According to Chinese law, the surviving spouse can make a legitimate claim on the deceased spouse's property even if not listed in the will as a beneficiary.
- Chinese courts may adjust the amount of inheritance received by an heir based on the amount of care she offered the deceased during his lifetime. If an heir stands to benefit little from an inheritance because of already possessing substantial holdings, the court may decrease the heir's share and allot a greater amount to other beneficiaries. The aim of the Chinese government is to promote gender equity and reward care-givers.
Testamentary Inheritance
Statutory Succession
Marriage Law
Adjusted Inheritance
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