Business /commercial law revision kit question and answer

With reference to the Law of Succession, write brief notes on the following:
(a) Will (2 marks)
(b) Probate (3 marks)
(c) Codicil (3 marks)
(d) Demonstrative legacy (3 marks)
(e) General legacy (3 marks)
(f) Pecuniary legacy. (3 marks)
(g) Special legacy. (3 marks)

ANSWER
(a) Will:
This is the legal declaration a person of his wishes or intentions regarding the disposition of his property after death duly made and executed in accordance with the provisions of the Law of Succession Act.
A will includes a codicil.
A will may be oral or written.

(b) Probate:
This is a certificate of a court of competent jurisdiction that the will of which a certified copy is attached in the case of a written will has been proved a valid will, with a grant of representation to the executor in respect of the estate.

(c) Codicil:
This is a testamentary instrument made in relation to a will explaining, altering or adding to its dispositions or appointments duly made and executed as required the provisons for the making and execution of a will.

(d) Demonstrative legacy:
This 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 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.

(e) General legacy:
This is a testamentary gift whether specific or general 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.

(f) Pecuniary legacy:
Includes an annuity in the general legacy, demonstrative legacy so far as it is not discharged out of the specified fund or property, and any other general direction the testator for the payment of money including all death duties free from which any gift made to take effect.

(e) Special legacy:
This is a testamentary gift of a particular part of the property of the testator. It identifies that part a sufficient description whether in specific or general terms, and manifests an intention that that part shall be enjoyed or taken in the state and condition indicated the description.



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