Rules of intestacy-one surviving spouse, but no child, Financial Accounting

The intestate leaves one surviving spouse, but no child or children

The surviving spouse is entitled to:

1. The personal and household effects of the deceased absolutely: "personal and household effects" are: clothing and articles of personal use and adornment, furniture, appliances, pictures, ornaments, food, drink, utensils and all other articles of household use or decoration normally to be associated with a matrimonial home, but not any motor vehicle or any other thing connected with the business or profession of the deceased; and

2. The first Shs.10,000 out of the residue of the net intestate estate, or 20% thereof, whichever is the greater; and

3. A life interest in the whole of the remainder; if the surviving spouse is a widow, this life interest ceases upon her re—marriage to any person.  When the spouse dies (or re—marries, if a widow), the property subject to the life interest devolves in the order of (a) above.

Posted Date: 12/13/2012 4:09:13 AM | Location : United States







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

Write discussion on Rules of intestacy-one surviving spouse, but no child
Your posts are moderated
Related Questions
Mr N. M. is lucky to have a lottery prize of Rs 20 million. He does not have any liability and does not have any claimant over this money. He has the following alternatives: (i)

TRUST ACCOUNTS (a) Object of trust accounts : To demonstrate that the trust funds have been applied in accordance with the trust instrument; To give details of tra

As a recently hired accountant for a small business, Bearing, Inc., you are provided with last year's balance sheet, income statement, and post-closing trial balance to familiarize

Dissolution If the winding up continues for more than a year, the liquidator must file progress reports with the registrar at such intervals as the court may prescribe s.333. W

Q. What do you understand by Exempt Organization? Exempt Organization - Organization that is normally exempt from paying federal income tax. Exempt organizations comprise relig

Show that if an investment of P dollars declines by 4% during a year , the balance at the end of the year is P(1-.04) that is P(.96) ?


a. Explain a major factor which led to the introduction of International Financial Reporting Standards (IFRS). b. Explain how users of financial information benefit from IFRS.

Assuming the robot is placed on track at the packing station facing away from the station) the robot traverses the entire track. During this step, the robot will follow a left-hand

Below is information about the spot and forward rates for three currencies against the US dollar (USD): Currency (exchange rate) Spot Rate Six-month forward rate Euro (EUR)