What is legal succesor?

A legal successor is a person who inherits or takes over the assets, possessions, rights, liabilities, and other legal obligations of a deceased person or a business entity. Usually, a legal successor is designated in a will or by law, such as a spouse, child or relative, or a company's board of directors. Legal successors are responsible for continuing the affairs of the deceased or entity and ensuring that all legal obligations are met. They may also have the power to sell or dispose of the assets of the deceased or company, or otherwise manage and distribute them according to the wishes of the deceased or the laws that apply.