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Tax Outline

Autor:   •  January 28, 2019  •  1,287 Words (6 Pages)  •  455 Views

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Administrator – 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.

TESTAMENTARY SUCCESSION

Wills

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 will. If a person dies leaving a will, the person is said to have died testate, a status known as testacy.

The testator 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.

A codicil is an instrument that amends (i.e., changes, modifies, or supplements) the provisions of a will. He must be executed with the same formalities as a will, but is only required to have a provision(s) amending a will.

Probate of a will – the court procedure by which a will is proved to be valid or invalid.

Capacity and Intent to Make a Will

All persons who are not expressly prohibited by law may make a will. Persons of either sex under eighteen years of age, which is the age of majority, cannot make a will.

In order to make a will, it is essential that the testator be of sound mind, it is not necessary that the testator be in full possession of all his reasoning faculties, or that his mind be wholly unbroken, unimpaired, or unshattered by disease, injury or other cause. It shall be sufficient if the testator was able at the time of making the will to know the nature of the estate to be disposed of, the proper objects of his bounty, and the character of the testamentary act.

If someone who signs an instrument did not know what the instrument said at the time of signing, the instrument is not a will. The same holds true if one who signs an instrument is forced to sign it “against his will” as the result of duress the result is not a will.

Capacity to Succeed by Will or by Intestacy

Persons not incapacitated by law may succeed by will or ab intestato. In order to be capacitated to inherit, the heir, devisee or legatee must be living at the moment the succession opens, except in case of representation, when it is proper.

A child already conceived at the time of the death of the decedent is capable of succeeding provided it be born later.

Forms of Wills

Every will must be in writing and executed in a language or dialect known to the testator. Every will, other than a holographic will, must be subscribed at the end thereof by the testator himself or by the testator’s name written by some other person in his presence, and by his express direction, and attested and subscribed by three or more credible witnesses in the presence of the testator and of one another.

Every will must be acknowledged before a notary public by the testator and the witnesses. The notary public shall not be required to retain a copy of the will, or file another with the office of the Clerk of the Court.

A holographic will is a will written entirely by the testator with his own hand and not witnessed or attested.

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