heirs
Definition
Heirs are the people who legally inherit someone's property and assets after that person dies. The law typically recognizes spouses, children, and other close relatives as heirs, though a person can also name heirs in their will.
Example
If you die without a will and your business has no designated successor, the state will decide which of your relatives qualifies as your heir and gets ownership of your business.
Watch Out
Without a clear will or business succession plan, the people the state names as your heirs may not be the people you actually wanted to inherit your business.
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This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.