The Law of Gifts and Succession Law Flashcards
Define Abatement
Loss of the entitlement to a legacy where the property has been used to pay deceased’s liabilities / executors expenses
Ademption
Failure of legacy because the property is no longer owned by the deceased at the time of their death
Administrator
Person representative of deceased appointed by court where deceased dies without a Will.
Codicil
Formal document drawn up after a Will to add or alter terms of Will
Commorientes
Death of individuals at the same time
Concurrent Wills
Wills of a person dealing with property situated in different countries
Deceased Estate
Property owned by a person on death where they were absolute owner/co-owner under tenancy in common
Demonstrative Legacy
Pecuniary legacy payable out of specific funds or specific part of estate
Devise
A legacy of realty (freehold property)
Disclaimer
Refusal by a legatee to take a legacy under a Will
En ventre sa mere
Unborn child
Executor
Person representative of deceased person appointed under Will
Freedom of Testation
Freedom to leave property to whoever you please on death
Forfeiture
Deprivation of a legatee of their legacy under a Will
General Legacy
Gift of property that does not refer to specific property of estate
Grant of Representation
Confirmation by court that person representatives have power to administer a deceased estate
Inter Vivos
during life
Intestate
Position of individual who dies without having made a valid Will
Ius accrescendi
Right of survivorship
Legacy
Gift of property under Will
Legatee
Person who is donee of property of a deceased estate
Letters of Administration
Grant of representation to the administrators of a deceased estate
Mutual Wills
Will made by two persons
Pecuniary Legacy
Legacy of money
Personal Representatives
Absolute owners of deceased persons property and responsible for administrating estate
Power of Attorney
Power created by donor to donee (attorney) to act as agent for personal affairs
Probate
Grant of representation to executors of a Will
Pur autre vie
During the lifetime of another
Residuary Legacy
Gift of property remaining in estate after liabilities of deceased and expenses of personal representatives have been settled and all other legacies satisfied
Specific Legacy
Gift of specific part of estate
Substitutional Gift
Gift in Will made where a residuary legacy fails so as to prevent intestacy
testator
Person who has made Will
Will
Testamentary disposition drawn up following prescribed formalities by which a person makes a disposition of their property to take effect after they have died
