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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 LoSTestate 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. |
TerminologyLegatee: | 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 EstatesRegulated 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 Executor1. 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 OwnershipSuccession 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 succession1. 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. |
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