PVL2601 Assignment 2 Semester Q&A

PVL2601 Assignment 2 Semester Q&A What is the law of succession? - answer-Legal rules and procedures to transfer property from one person (B) to another person (C) on the death of the first person (B). In other words, it's the legal rules that determine what should be done with the property of a person who has died. Types of succession - answer-• Testate • Intestate • Contract Testate - answer-Testator draws up a will and provides in the will how the deceased estate must devolve. Intestate - answer-• When the testator does not have a valid will • or if the will fails, then the *Intestate Succession Act* determines who will inherit Contract - answer-• Between the deceased and another person • called a pactum successorium • To be valid it must be contained in an antenuptial contract Ground rules for succession - answer-1. Owner of the deceased estate must have died 2. Beneficiary must be alive or conceived when the benefit vests...