Law of Succession

Definition and Purpose

• The law of succession refers to the rules and principles governing the distribution of a person's property and assets after their death.
• The purpose of the law of succession is to ensure that the deceased person's wishes are respected and that their property is distributed fairly and efficiently.

Types of Succession

• Testate succession: When a person dies leaving a valid will, the distribution of their property is governed by the terms of the will.
• Intestate succession: When a person dies without a valid will, the distribution of their property is governed by the laws of the jurisdiction.

Intestate Succession Rules

• Surviving spouse: The spouse is entitled to a share of the estate, which varies depending on the jurisdiction.
• Children: Children are entitled to a share of the estate, with the exact share depending on the jurisdiction and the number of children.
• Other relatives: Other relatives, such as parents, siblings, and nieces and nephews, may be entitled to a share of the estate in certain circumstances.
• Default rules: If there are no surviving relatives, the estate may escheat to the state or be distributed according to the laws of the jurisdiction.

Wills and Testamentary Dispositions

• Requirements for a valid will: A will must be in writing, signed by the testator, and witnessed by at least two people.
• Types of testamentary dispositions: A will can include various types of dispositions, such as:
  • Bequests: Gifts of specific property or assets.
  • Devises: Gifts of real property.
  • Legacies: Gifts of money or other personal property.
  • Appointments: Nominations of executors or trustees.

Executors and Administrators

• Executor: The person responsible for carrying out the instructions in the will and managing the estate.
• Administrator: The person responsible for managing the estate when there is no will or when the executor is unable to act.

Probate and Estate Administration

• Probate: The process of proving the validity of a will and appointing an executor.
• Estate administration: The process of managing the estate, including collecting assets, paying debts, and distributing property to beneficiaries.

Definition and Purpose of Law of Succession

• Law of succession refers to the rules and principles governing the distribution of a person's property and assets after their death.
• The purpose is to ensure the deceased person's wishes are respected and their property is distributed fairly and efficiently.

Types of Succession

• Testate succession: distribution of property is governed by the terms of the will when a person dies leaving a valid will.
• Intestate succession: distribution of property is governed by the laws of the jurisdiction when a person dies without a valid will.

Intestate Succession Rules

• Surviving spouse is entitled to a share of the estate, varying depending on the jurisdiction.
• Children are entitled to a share of the estate, with the exact share depending on the jurisdiction and the number of children.
• Other relatives, such as parents, siblings, and nieces and nephews, may be entitled to a share of the estate in certain circumstances.
• If there are no surviving relatives, the estate may escheat to the state or be distributed according to the laws of the jurisdiction.

Wills and Testamentary Dispositions

• A will must be in writing, signed by the testator, and witnessed by at least two people to be valid.
• Types of testamentary dispositions include:
  • Bequests: gifts of specific property or assets.
  • Devises: gifts of real property.
  • Legacies: gifts of money or other personal property.
  • Appointments: nominations of executors or trustees.

Executors and Administrators

• Executor: the person responsible for carrying out the instructions in the will and managing the estate.
• Administrator: the person responsible for managing the estate when there is no will or when the executor is unable to act.

Probate and Estate Administration

• Probate: the process of proving the validity of a will and appointing an executor.
• Estate administration: the process of managing the estate, including collecting assets, paying debts, and distributing property to beneficiaries.