Class notes
Succession Notes - Unit 1-3
- Course
- Institution
Succession Notes on Study Units 1-3. Covered the 71 pages of the Study Units concisely in 21 Pages.
[Show more]
Seller
Follow
jamielouross1
Reviews received
Content preview
INTRODUCTION TO SUCCESSION & ADMINISTRATION OF DECEASED ESTATESLaw of Succ def: legal rules regulating the devolution (distribution / division / transfer) of assets from estate of deceased estate owner to
such an estate owner’s successors (beneficiaries).
Elements of def: The legal rules that govern the law of succession originate from: statute law (acts of Parliament); case law (court
judgments); the common law (Roman-Dutch law). The law of succession is concerned with the transfer of the deceased’s assets. The
deceased’s liabilities (the deceased’s debts that are unpaid at the time of the deceased’s death) are not transferred onto his/her successors.
Estate: accumulation of deceased’s assets & liabilities.
Death: transfer of deceased’s assets to successors can occur only once deceased passed away
Successors: those who succeed to deceased’s assets in terms of law of succession - receive deceased’s assets after passed away, also
called the beneficiaries.
Dual system: common law of succession - origins in RDL & Eng law; Cust law - laws of SA’s various Black population groups.
Common law of succession is sub-divisible into three branches:
1) Law of testate succession: applies when deceased has made will.
2) Law of intestate succession: applies in absence of a will
3) Succession by contract: deceased has, prior to death, entered into a contract regarding division of estate assets upon death.
Generally invalid, with exception of two instances: antenuptial contract; the donatio mortis causa - a contract of donation made in
contemplation of death of donor, the party who donates asset(s) to another upon death.
Administration of deceased estates: When estate owner dies, estate is subjected to a legal process called administration (or
winding-up) of the deceased estate. Administration is a statutory process & regulated by the Administration of Estates Act 66 of 1965. 2
important functionaries are involved in administration process: Master of HC & executor of deceased estate:
1. Master of HC: Each HC in SA has a Master’s office. Master and their staff at each Master’s office attend to a number of legal &
administrative functions regarding deceased estates, trusts, insolvent estates, curatorship, etc. Master’s functions regarding
administration of deceased estates: supervision of administration process and the activities of executors advisory & other
administrative functions in regard to administration process.
2. Executor: party who actively administers a deceased estate. Usually nominated in deceased’s will = executor testamentary. If
deceased left no will or will left by the deceased contains no nomination of executor, Master nominates executor to administer
deceased’s estate = executor dative. Nomination as an executor is not sufficient to make one an executor - must also be appointed
by Master through issuing of letters of executorship. Letters of executorship officially make person executor of specific deceased
estate. Once Master has issued letters of executorship, appointed executor can commence functions regarding administration of
specific deceased estate.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller jamielouross1. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $4.48. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67474 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now