Financial planning and the CTI (2)
The law of succession deals with how a deceased's estate is administered and distributed upon
death (devolve). This section of the law is also vital because it also forms a central point of
financial planning in one's life. - ANS-What is the law of succession?
If a person dies with a will, we say that a person has died testate. A will is a document executed
in a manner prescribed by law by a person called a testator detailing the disposition of his or her
assets and other matters to take effect upon his death. - ANS-What is testate succession?
For example: I, Sinikiwe Mzezewa, do hereby bequeath my assets to my parents in equal
shares. I also direct that all my healthy organs must be donated. Also, a burial in my ancestral
home - ANS-What is an example of testate succession?
Death is reported to the office of the Master of the High. - ANS-Where is death reported to?
The Master of the High Court office, amongst other things, is responsible for the administration
of the deceased's estates. Also, it ensures an orderly winding up of the deceased's financial
affairs and the protection of the heirs' financial interests. - ANS-What is the Master of the High
Court office responsible for?
Several documents are required, including death notices, certified copy of a death certificate,
marriage certificate if applicable, and valid will if applicable. - ANS-What documents does the
office require?
After the payment of all liabilities - ANS-When can the deceased estates net value be distributed
as per the will?
If a person dies without a will, we say that the person has died intestate. If a person dies
intestate, the estate is distributed in terms of the Intestate Succession Act 81 of 1987. The same
process as above applies to reporting the death to the Master of the High Court. - ANS-What is
Intestate succession?
Married according to the recognised marriages in South Africa. - ANS-Define spouse.
True - ANS-Persons married in terms of Muslim and Hindu religious rites should be regarded as
spouses for purposes of intestate succession?
Inherit from their deceased partner in terms of the Intestate Succession Act, even though their
"marriage" is not recognised as a valid marriage in terms of our current law. - ANS-What are
persons married in terms of Muslim and Hindu religion entitled to?
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