Wills and Succession

Definition and Overview

• Testate succession refers to the distribution of a deceased person's property according to their will.
• A testate is a person who dies leaving a valid will.
• The will outlines the deceased person's wishes for the distribution of their estate, including who should inherit their property and in what proportions.

Key Characteristics

• Voluntary: The testator (the person making the will) has complete control over the distribution of their property.
• Intentional: The testator's wishes are explicitly stated in the will.
• Specific: The will specifies who should inherit specific assets or property.

Types of Bequests

• Specific bequest: A gift of a specific item or property to a named beneficiary.
• Residuary bequest: A gift of the remainder of the estate after all specific bequests have been made.
• Demonstrative bequest: A gift of a specific item or property, but if that item is no longer available, a substitute will be given.

Roles and Responsibilities

• Executor: The person responsible for carrying out the instructions in the will and managing the estate.
• Beneficiary: The person or people who inherit property or assets from the deceased person's estate.

Importance of a Valid Will

• A valid will ensures that the testator's wishes are respected and carried out.
• A valid will can help to avoid disputes and conflicts among beneficiaries.
• A valid will can also reduce the likelihood of the estate being distributed according to the laws of intestacy (i.e., without a will).