chapter 2 Flashcards
(24 cards)
Is a mode of acquisition by virtue of which the property, rights and obligations to the extent of the value of the inheritance, of a person are transmitted through his death to another or others either by his will or by operation of law.
SUCCESSION
The rights to the succession are transmitted from the moment of death of the decedent
SUCCESSION
KINDS OF SUCCESSION
Testamentary or testate
Legal or interstate
Mixed
it is a kind of succession that which results from the designation of an heir, made in a will executed in the form prescribed by law.
Testamentary or testate
it is a kind of succession that affected by operation of law
Legal or interstate
it is a kind of succession that affected partly by will and partly by operation of law.
Mixed
Elements of Succession
Death of the decedent
Inheritance
Successors
Acceptance
is the general term applied to the person whose property is transmitted through succession, whether or not he left a will. If he left a will, he is also called the testator or testatrix.
Decedent
includes all the property, rights and obligations of a person which are not extinguished by his death.
Inheritance
_____ is a testamentary disposition of real estate while _____ is a gift or bequest by will of personal property.
Devise and legacy
Heirs, devisees and legatees are all
successors
is a person called to the succession either by the provision of a will or by operation of law; if by will, they are called voluntary heirs; if by operation of law, legal or intestate heirs.
heirs
are persons to whom gifts of real property and personal property, respectively, are given by virtue of a will.
Devisees and legatees
the ____ of an inheritance may be express or tacit.
acceptance
An _____ may be made in a public or private document. A ______ is one resulting from acts by which the intention to accept is necessarily implied, or which one would have no right to do except in the capacity of an heir.
express acceptance, tacit acceptance
An ______ is a person appointed by a testator to carry out the directions and requests in his will, and to dispose of the property according to his testamentary provisions after his death.
executor
An ______ is a person appointed by the court to administer the assets and liabilities of a decedent. He is usually a relative of the decedent who has come forward and applied for the position.
administrator
(All matters relating to the appointment, powers and duties of executors and administrators and concerning the administration of estates of deceased persons shall be governed by the Rules of Court.)
A person may make a legal declaration before his death regarding how he wants his property transferred after his death. This declaration is known as a will. If a person dies leaving a will, the person is said to have died testate, a status known as testacy.
will
is an act whereby a person is permitted, with the formalities prescribed by law, to control to a certain degree the disposition of his estate to take effect after his death. The making of a will is a strictly personal act; it cannot be left in whole or in part to the discretion of a third person, or accomplished through the instrumentality of an agent or attorney.
will
The ____ may entrust to a third person the distribution of specific property or sums of money that he may leave in general to specified classes or causes, and also the designation of the persons, institutions or establishments to which such property or sums of money are to be given or applied.
testator
A _____is an instrument that amends (i.e., changes, modifies, or supplements) the provisions of a will. A codicil must be executed with the same formalities as a will, but is only required to have a provision or provisions amending a will.
codicil
______ is the court procedure by which a will is proved to be valid or invalid. Generally, the probate process involves collecting a decedent’s estate, liquidating liabilities, paying necessary taxes (e.g., estate tax), and distributing property to heirs. These activities are carried out by the executor or administrator of the estate, usually under the supervision of the probate court of order or other court of appropriate jurisdiction.
Probate of a will
A _____ is a will written entirely by the testator with his own hand and not witnessed or attested.
holographic will