The LoS comprises the legal rules that regulate the distribution of assets from the estate of a deceased person to the estate of their successor. - **Sources of Law:** Statute, Case; Customary & Common Law - **Estate:** Accumulation of deceased assets & liabilities - liabilities are not transferred.
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Testate Succession
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When deceased has left a will
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Intestate Succession
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Applies in absence of a will
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Succession by contract
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Antenuptual contract and Donations only accepted contracts.
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Legatee:
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Beneficiary who receives specific a asset/s.
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Legacy
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The particular asset/s a legatee revieves.
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Heir
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Beneficiary who receives residue of estate once legacies are distributed. = successor/beneficary
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Inheritance
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Benefit that goes to heir
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Freedom of Testation
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Deceased can divide asset however they please. This is limited.
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Commorientes
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People who died simultaneously.
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Regulated by Administration of Estates Act 66 of 1965. Two Important Functionaries:
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The Master of the High Court
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The executer
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Supervises administration process
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Party who actually administers estate
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Has an advisory function to the executer.
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Usually nominated in will (executer testamentary) - If not, executer dative)
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Must be issued letter of executorship
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1. Complete and lodge Estate documents (i.e death notice, will etc.) with the Master
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2. Advertised to the deceased creditors to submit claims to the estate & pay claims with cash/equity in estate.
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3. Prepare the L&D account (made up of above information). Lies open for 21 days at Masters and district's magistrate office. Finalised if no objection.
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Succession is note a mode of acquisition of ownership.
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Greenburg v Estate Greenburg: Instead, the successor acquires a personal right to claim from the executor at some future date delivery of the legacy.
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This future date is once the l&D account is confirmed is the transfer of ownership enforcable.
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Dies Venit: The moment when a successor can claim the transfer of an asset from executor.
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1. The estate owner must have dies/must be legally presumed dead.
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2. Successor must be born at the moment of dies cedit OR must have been conceived and born alive.
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3. Successor must have survived the deceased.
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4. Beneficiary must be competent to receive benefit.
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