Cheatography
https://cheatography.com
The LoS comprises the legal rules that regulate the distribution of assets from the estate of a deceased person to the estate of their successor.
- **Sources of Law:** Statute, Case; Customary & Common Law
- **Estate:** Accumulation of deceased assets & liabilities - liabilities are not transferred.
Three Branches of LoS
Testate Succession |
When deceased has left a will |
Intestate Succession |
Applies in absence of a will |
Succession by contract |
Antenuptual contract and Donations only accepted contracts. |
Terminology
Legatee: |
Beneficiary who receives specific a asset/s. |
Legacy |
The particular asset/s a legatee revieves. |
Heir |
Beneficiary who receives residue of estate once legacies are distributed. = successor/beneficary |
Inheritance |
Benefit that goes to heir |
Freedom of Testation |
Deceased can divide asset however they please. This is limited. |
Commorientes |
People who died simultaneously. |
|
|
The Administration of a Decease Estates
Regulated by Administration of Estates Act 66 of 1965. Two Important Functionaries: |
The Master of the High Court |
The executer |
Supervises administration process |
Party who actually administers estate |
Has an advisory function to the executer. |
Usually nominated in will (executer testamentary) - If not, executer dative) |
| |
Must be issued letter of executorship |
Functions of the Executor
1. Complete and lodge Estate documents (i.e death notice, will etc.) with the Master |
2. Advertised to the deceased creditors to submit claims to the estate & pay claims with cash/equity in estate. |
3. Prepare the L&D account (made up of above information). Lies open for 21 days at Masters and district's magistrate office. Finalised if no objection. |
|
|
Succession and Ownership
Succession is note a mode of acquisition of ownership. |
Greenburg v Estate Greenburg: Instead, the successor acquires a personal right to claim from the executor at some future date delivery of the legacy. |
This future date is once the l&D account is confirmed is the transfer of ownership enforcable. |
Dies Venit: The moment when a successor can claim the transfer of an asset from executor. |
Requirements for succession
1. The estate owner must have dies/must be legally presumed dead. |
2. Successor must be born at the moment of dies cedit OR must have been conceived and born alive. |
3. Successor must have survived the deceased. |
4. Beneficiary must be competent to receive benefit. |
|
Created By
Metadata
Comments
No comments yet. Add yours below!
Add a Comment
Related Cheat Sheets
More Cheat Sheets by Euphoria_