Rules of intestacy-no spouse but children, Financial Accounting

Assignment Help:

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).


Related Discussions:- Rules of intestacy-no spouse but children

What is net income, Q. Given the following data, what is net income?  (Note...

Q. Given the following data, what is net income?  (Note: Not all items shown below will be included in income.) Cost of Goods Sold 8 Accoun

Scarce - difficult and easy analysis, SED Analysis SDE i.e. Scarce, Dif...

SED Analysis SDE i.e. Scarce, Difficult and Easy analysis estimates the significance of inventory items on the basis of their availability. According to SDE analysis the invent

What is capital gain, Q. What is Capital Gain? Capital Gain - Portion o...

Q. What is Capital Gain? Capital Gain - Portion of total GAIN recognized on the sale or exchange of a no inventoryasset that isn't taxed as ORDINARY INCOME. Capital gains have

What is profitability ratios, Profitability Ratios - These ratios include...

Profitability Ratios - These ratios include the Gross profit Margin, Net profit Margin, Operating Margin, Return on Equity (ROE), and Return on Total Assets. These ratios helps t

Explain bonus or capitalisation issues, Q. Explain bonus or capitalisation ...

Q. Explain bonus or capitalisation issues? A rights issue is a approach of raising finance via the issue of shares to existing equity shareholders. Consecutively to make such a

Jennifer, how do you figure out to do adjustments

how do you figure out to do adjustments

Prepare the partners'' present account , Need: a.    Prepare an Income ...

Need: a.    Prepare an Income Statement by with appropriation account for the financial year ended 31.12.2010                            b.    Prepare the partners' present a

PB7-1 Analyzing the Effects of Four Alternative Inventory Me, Mojo Industri...

Mojo Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a

Financial ratios, Financial ratios have been categorized in a variety of ma...

Financial ratios have been categorized in a variety of manners. You may determine the subsequent broad bases having been utilized in current literature:  Primacy Criterion: Th

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd