Rules of intestacy-no spouse but children, Financial Accounting

The intestate leaves no spouse but children

The net estate devolves upon the surviving children and is divided equally between them. If any child has not, at the time of intestate's death, reached his majority, his share of property will be held in trust until he reaches the age of 18 years or, in the case of a female until she marries under that age.

Example:

Mr A dies intestate; his wife Mrs A died some years ago. Mr A is survived by his sons B (22 years old) and C (18 years only).  His daughter is at school; she is not yet married.  His net estate is worth Shs.3m. How will his property be divided?

It will be divided equally between B, C and D. D's share will be held in trust see Chapter 8) until she reaches the age of 18 years, or until she marries, if she marries before she reaches the age of 18. If a child of the deceased intestate predeceases him, but leaves his or her own issue (i.e. children, grandchildren, etc.), then the issue take, through degrees, in equal shares, the share which their parent would have taken had he not pre-deceased the intestate (PER STIRPES RULE).

Posted Date: 12/13/2012 4:07:31 AM | Location : United States







Related Discussions:- Rules of intestacy-no spouse but children, Assignment Help, Ask Question on Rules of intestacy-no spouse but children, Get Answer, Expert's Help, Rules of intestacy-no spouse but children Discussions

Write discussion on Rules of intestacy-no spouse but children
Your posts are moderated
Related Questions
New Rules SEC i) Effective for years after December 15, 2006 ii) New Disclosures mandated (1) Fair value of options on grant date (2) Value of grant per 123R (3) Cl

In our discussion so far, we have supposed that the compounding is done yearly, here let us see the case where compounding is complete more often.  In such case the equation (1) is

Holding company with a subsidiary and a sub-subsidiary Where the subsidiary company has another subsidiary company, then that subsidiary is referred to as a sub-subsidiary compan

Illustration of Head office records In order to provide a check that branch managers and staff deal properly with goods and cash passing through their hands, goods are normally

Appointment of Liquidator The liquidator is appointed by the court after the above meetings have been held: if the meetings do not agree, the court must settle the issue: if no a

In the NPV analysis, sunk cost is not relevant whereas opportunity cost is for project evaluation. Requirements: Describe and justify the above statement about sunk cost an

1. Complete a horizontal analysis using the dollar and percent change in the following items from the preceding year to the current year: (one typed page: use a table format with f

Q. What do you mean by Fiscal Year? Fiscal Year - Period of 12 consecutive months chosen by an entity as its ACCOUNTING period that may or may not be a calendar year. Fixed Ass

Types of interest given under a will The interest given in a legacy, devise or gift of residue may be of the following kinds:- 1. Vested: A vested interest gives an immedi