Types of gift by way of a will-executorship laws and account, Financial Accounting


(a) A special (or specific) legacy is a testamentary gift of a particular part of the property of the testator, which identifies that part by a sufficient description, whether in specific or in general terms and manifests an intention that that part shall be enjoyed as taken in the state and condition indicated by the description.

E.g.  I leave my house in Buru Buru, Nairobi, to my eldest son Maina.

(b) A general legacy is a testamentary gift, whether specific or general, of property described in general terms to be provided out of the general estate of the testator, whether or not also charged on any specific part of his estate.  A pecuniary legacy includes an annuity, a general legacy, a demonstrative legacy so far as it is not discharged out of the specified fund or property and any other general direction by the testator for the payment of money, including all death duties free from which any gift is made to take effect.

   1.    I leave Shs 200,000 to my youngest daughter June.
         2.    I leave a bicycle to my son Juma (NOT MY bicycle NOR THE bicycle, but a bicycle).

(c) A demonstrative legacy is a testamentary gift which is in its nature general but which manifests an intention that the gift shall be primarily satisfied out of a specified fund or a specified part of the property of the testator, but shall, upon failure of that fund or property, be met from the general estate.

Posted Date: 12/13/2012 4:25:41 AM | Location : United States

Related Discussions:- Types of gift by way of a will-executorship laws and account, Assignment Help, Ask Question on Types of gift by way of a will-executorship laws and account, Get Answer, Expert's Help, Types of gift by way of a will-executorship laws and account Discussions

Write discussion on Types of gift by way of a will-executorship laws and account
Your posts are moderated
Related Questions
Conny Duffy started working for Dexter Company on Thursday and 9 hours on Frida. Her annual salary is $80,000 and she is exempt white-collar employee. Determine her gross pay for h

POWERS OF INVESTMENT The trustees have a duty to obtain control of trust assets and to invest trust funds in authorised securities.   The trustees may invest in such securities

Illustrate the changing face of accounting Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons h

There are two projects A and B. The initial capital outlay of A and B are Rs.1,35,000 and Rs.2,40,000 respectively. There will be no scrap value at the end of the life of both the

On January 7, 2016, Captec Company purchased $4,175 of supplies on account . In Captec Company’s chart of accounts , the Supplies account is No. 15, and the Accounts Payable accoun

Q. What is Auditors report explain? Special Report - Special report is a term used for Auditors' reports issued in connection with various types of financial presentations, inc

XYZ Municipality purifies water before it enters the reticulation network. There are presently 3 purification processes available to the municipality. These processes sre referred

Q. What is Materiality? Materiality - Magnitude of an omission or misstatements of ACCOUNTING information that, in the light of surrounding circumstances, makes it probable tha

what are five modern financialaccounting techniques

Objectives of Inventory management After going through this section, you will be capable to: highlight the requirement for and nature of inventory; describe the meth