Study Set Content:
Different types of bequests
- Absolute bequest
- Time clause bequest
- Conditional bequest
- Massing of Estates
- Bequests subject to an obligation
Dies cedit
Vesting of rights
Dies venit
Enforcement of rights
Absolute bequests...
Bequests without conditions
Absolute bequest
Vesting of rights take place immediately after death of T
Legatee
Person who receives benefit
Heir
Person who receives residue
Order of payment of beneficieries when it comes to T's debts
- Legatee (stronger position)
- Heir weaker
If executor has to sell assets to pay of T's debt...
E will first sell the legacy assets (legatee's assets he shouldve gotten) and then inheritance assets( assets heir wouldve gotten)
When E has to sell T's stuff to pay T's creditors..
Will first sell Inheritance stuff, then legacy stuff.
Pre-legacy
Stronger postion and gets preference over all other legacys or heirs
Absolute bequests may still have
Time clauses
When will legacy lapse
- Ademption
- Legacy is destroyed
- T's estate is insolvent
- Legatee dies before T, legatee repudiates legacy, legatee is incompetent to inherit.
Conditional revocation
Revocation is dependant on uncertain future event
Where T dies within 3 months of divorce/anulment
T's will is regarded as if former spouse has predeceased him, will not be able to inherit.
S2 B of the Wills Act
If T died within 3 months after divorce/anulment, spouse is regarded as predeceased and does not intherit because T did not have time to make new will. Unless T makes new will which still includes spouse as beneficiary.
Will cannot be revived automatically by
The destruction of the will which initially revoked it.
Will that cannot be found or has physically been destroyed cannot be
Revoked
Requirements for will to revive
- Original will must still exist
- There must be a valid revival document that complies with the s21a formalities
- The document must show an intention to revive
