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

TYPES OF GIFT BY WAY OF A WILL

(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.

E.g. 
   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
Illustration: Computation of retained profits acquisition Normal 0 false false false EN-US X-NONE X-NONE MicrosoftIn

For getting the EOQ formula we shall use the subsequent symbols: U = annual usage/demand Q = quantity ordered F = cost per order C = per cent carrying cost P  = pric

#Which of the two ratios are the greatest? 1.67.1 or 0.29.1

A company purchased 16 million shares (representing an 80% controlling interest) in another company on 1 July 2010. The terms of the purchase were as follows:    1 share in

hello, i have got my answer, but i don''t know the PART C why doesn''t calculate "working capital: 60000"?????? can not find match number in the solution table

Tampa Foundry began operations during the present year, manufacturing several products for industrial use. One such product is light-gauge aluminum, which the company sells for $36

As an asset The argument for this statement is that the survivorship policy is an investment because eventually the partnership will receive either the surrender value or the s

#questioSavage Distribution markets CDs of the performing artist Little Sister. At the beginning of October, Savage had in beginning inventory 1,200 Sister’s CDs with a unit cost o

Form No special form is normally required for the creation of a trust except that a declaration of trust respecting land or any interest therein must be manifested and proved b

The following data has been taken from the management accounting reports from Spinnaker Sales. Div A -Income from operations $1,800,000 Total service department charges $1,600,000.