What does Next Of Kin mean in Estate Planning? The term is used to refer to the person related to you who will inherit your assets if you don’t have a valid Will. Your Next Of Kin might not be a blood relative. Here’s what you need to know about using the term in Estate Planning.
What is Next Of Kin?
The Next Of Kin, or heirs, refers to the people in line for your Estate or the Beneficiaries who qualify as the closest living blood relative. They will inherit your assets after you pass away. The Next Of Kin may include children, grandchildren, siblings, and parents.
Spouses are often excluded from this description, however, most states enable the surviving spouse to inherit the assets first. State laws also determine who is considered Next Of Kin in the context of Estate Planning and Probate.
Next Of Kin Of A Deceased Person
The closest relatives of a deceased person would usually be their children, grandchildren, or great-grandchildren. In the absence of children, the parents of the deceased person will qualify as Next Of Kin.
Legally adopted children can also qualify as the Next Of Kin. Siblings, nephews, and nieces (Collateral Heirs) of the deceased person can also be considered as Next Of Kin.
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Rights Of Next Of Kin
- In case a person becomes incapacitated without a Will or an Advanced Directive, the Next Of Kin will be responsible for medical decisions.
- The Next Of Kin is in charge of starting the Probate process.
- Next Of Kin is responsible for the funeral arrangements of the deceased person.
It should be noted that a friend could never be designated as a Next Of Kin. If you want a friend to share the responsibilities of your Estate then it is better to make use of a Will.
Will, Trust, Advanced Directives, and other Estate Planning documents could help you and your family members manage finances, distribution of assets, and responsibilities.
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Although there are many regulations made up for real-world assets there is still much to be done when it comes to Digital Assets. Technology is growing at a rapid speed and often people forget to plan for the financial and personal Digital Assets while being engrossed in the enjoyment of utilizing them.
One of the most important issues you might face is what will happen to your online assets once you are gone. Digital assets like online accounts, social media profiles, emails, Cryptocurrency, NFTs, and more can be a huge source of trouble for your loved ones. A Digital Estate Plan can make all the difference when it comes to transferring your Digital Assets to your Beneficiaries and protecting yourself from identity theft.
