PVL 2602 LAW OF SUCESSION - Summary Notes (1).pdf

PVL 2602 LAW OF SUCESSION - Summary Notes (1).pdf - PVL...

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1 PVL 2602 LAW OF SUCESSION SUMMARY NOTES 1 GENERAL INTRODUCTION TO THE LAW OF SUCCESSION When a person dies he or she leaves behind not family/friends but more importantly for our purposes rights and duties that have to be finalized. The law of succession deals with the finalization of the debt and assets the deceased leaves behind. Law of succession: a branch of private law. The law of succession comprises those legal rules or norms which regulate the devolution of a deceased person s estate upon one or more persons. Thus the law of succession is concerned with what happens to a deceased person s estate after his death. The testator s estate consists assets and the liabilities he had at the time of his death. Estate thus consists not only of assets but also of any debts that the deceased had incurred before his death. Testator s beneficiaries inherit only the assets; his liabilities do not devolve. Liabilities form part of the estate Key Secession terminology: a. Deceased is the person who has died and left behind an estate b. Estate a testator s estate consist of both the assets and the liabilities he had at the time of his death. The estate therefore consists not only of assets but also of any debts that the deceased had incurred during his lifetime c. Executor: the person who administers the estate of a deceased. d. Residue of the estate: that part of the deceased s estate which remains after the payment of funeral expenses, administration costs, tax, the deceased s debts and the legacies. e. Repudiation : heir or legatee refuses to accept a benefit from a deceased s estate (must repudiate expressly). f. Adiation : When a beneficiary accepts a benefit from a deceased s estate (assumed). g. Legatee: inherits a legacy which is a specific asset or a specific amount of money h. Heir : inherits the residue of the estate. i. Inheritance: when the property which is left behind must go to an heir. j. Succession: the devolution of the deceased s estate Succession may take place in one of three ways, namely : a. by virtue of a will ( testamentary succession) b. by virtue of the law ( intestate succession) c. by virtue of an ante nuptial contract Typical exam questions: Define the law of succession. (2) The law of succession is a branch of private law.(1) The law of succession comprises those legal rules or norms which regulate the devolution of a deceased person's property upon one or more persons.(1) Thus the law of succession concerns itself with what happens to a deceased person's estate after his/her death.(1)
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2 Distinguish between an "estate" and the "residue of an estate". (4) The testator's estate consists of the assets (½) and liabilities.(½) The residue of the estate refers to that part (½) of the deceased's estate which remains after the payment of funeral expenses,(½) administration costs,(½) tax (½) (if any), the testator's debts (½) and the legacies.(½). (4) General rules or requirements (with exceptions) that must be fulfilled before the rules of succession
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