Chapter 9 - Content of wills: Absolute bequests, conditions, modus and estate massing Flashcards
Precedent system
The precedent system is also known as stare decisis - to stand by that which is decided
Vesting of rights
When a benefit is left to a beneficiary, the beneficiary obtains certain rights to, or interests in, the benefit after the testator’s death.
Absolute bequest
An absolute bequest that does not contain any conditions. It is the simplest way of making a bequest, and the effect of such a bequest is that the vesting normally takes place on the testator’s death.
Legacy and legatee
Where the testator leaves a specific asset to a beneficiary, such as a house, a farm or a specific amount of money, the bequest is known as a legacy. The beneficiary of a legacy is called a legatee. A legatee always inherits a specific asset or a specific sum of money.
Inheritance, heir and sole heir
Where a testator leaves his or her entire estate, a portion thereof or the residue thereof to a certain beneficiary, such a bequest is called an inheritance, and the beneficiary is called an heir. If a testator leaves his or her entire estate to a single person, the beneficiary is called a sole heir.
Pre-legacy
A legacy that takes precedence over all other legacies and inheritences according to the testator.
Residue or residuary estate
The residue of an estate refers to that part of the deceased estate after the payment of the funeral expenses, all debts, taxes, administrative fees and other administration costs, maintenance claims and all legacies. The residue is what is left in the estate after everything has been paid out or transferred, and it includes all bequests that have failed or lapsed.
Ademption
Ademption is a form of tacit revocation of a legacy when a testator voluntarily alienates the object of a legacy during his or her lifetime, causing the legacy to fail.
Time clause
If a bequest is subject to a time clause, it is subject to an event that will certainly happen in the future, although it may be certain or uncertain when will it arrive.
Suspensive time clause
A bequest subject to a suspensive time clause is a bequest from which the beneficiary will receive the benefit only at a certain future time. A bequest subject to a suspension time clause is thus a bequest where the beneficiary must wait until a certain time to receive the benefit.
Resolutive (terminative) time clause or resolutive term
A bequest subject to a resolutive (terminative) time clause is one where the beneficiary’s rights are terminated when a certain time arrives. According to a terminating time clause, a beneficiary’s already established rights terminate when a certain time arrives.
Conditional bequest
A conditional bequest is a bequest that depends on a future event which is uncertain in the sense that it may or may not occur
A bequest subject to a resolutive (terminative) condition
A bequest subject to a resolutive or terminating condition is one in which the bequest is made to terminate in the event of a particular uncertain future situation.
A bequest subject to a suspensive condition
If a bequest is made subject to a suspension condition, the beneficiary does not obtain a vested, finally established right to the benefit unless and until a particular uncertain future event takes place. The vesting of the beneficiary’s rights is therefore suspended until the uncertain future occurs.
nudum praeceptum
If a testator bequeaths property to a beneficiary but prohibits him or her from dealing with the property in a certain way. for example, alienating the property, such a prohibition will only be valid if someone else has been nominated by the testator to take the property should the beneficiary contravene the prohibition.
