CML - Module 4 Flashcards
testate succession?
if a person dies with a will, they have died testate
what is a will?
a document executed in a manner prescribed by law by a person called a testator detailing the disposition of their assets and other matters to take effect upon their death
Master of the high?
- death is reported to them
- they are responsible for the admin of a dead person’s estate
how is a testate person’s will handled?
the net value of their estate, after deducting liabilities, is distributed as per the will
intestate?
- no will
- estate will be distributed ito Intestate Succession Act
what is a spouse?
- married according to recognized SA marriages
- married ito religious rites
- same-sex cohabitating partners / permanent opposite-sex partnerships who have undertaken the reciprocal duty of support
what is a descendant?
- a child (bio/adopted)
- a person who was accepted by the dead person as their child during their life
what is an estate?
the net value of the deceased estate after deducting liabilities and considering the applicable matrimonial property system and any accrual claims
division of estate examples?
ICOP = spouse gets half, then devolve OCOP = first calculate accrual claim, adjust, distribute
distribution as per the Intestate Succession Act?
- if survived only spouse = spouse gets everything
- if only descent = they get everything; divide if multiple
- if both = spouse gets a child’s share or R250 000 (whichever is higher); descendants inherit the balance
what is a child’s share?
the estate divided by the number of spouses and descendants
if deceased is survived by two parents?
divide equally between the two
no spouse/descendants; only one parent + one deceased parent with descendants?
- one parent gets half
- dead parent’s descendants get half
no spouse/descendants; only one parent + one deceased parent with no descendants?
one parent gets everything
no spouse/descendants/parents?
- descendants of parents get everything
- split in half for each parent then divided accordingly
