Exceptions to the rule of lapse-executorship laws, Financial Accounting

Assignment Help:

Exceptions to the rule of lapse

There is no lapse in either of the following cases:

1. Where the gift or disposition is made in discharge of a moral obligation recognised by the testator; or

2. Where the gift or disposition is in favour of any child or other issue of the testator, for any estate or interest not determinable at or before the death of the child or other issue and the child or other issue leaves issue surviving the testator.

In either case, the gift or disposition takes effect as if the deceased legatee had died immediately after the testator.

E.g.  In his will, K left his house to his eldest son M. M pre-deceases his father, but leaves his children P an Q who are alive at the time of his father's (i.e. X's death). In his will, M leaves all of his estate to his wife Mrs. M. The fact that P and Q are alive at K's death keep in place the gift to M; the house passes to M's estate, and by means of M's will, passes to Mrs. M (Carefully contrast this position with the per stirpes rule in intestacy).


Related Discussions:- Exceptions to the rule of lapse-executorship laws

Explain the term- recording business transactions, Recording Business Trans...

Recording Business Transactions ACCOUNT. An account is an individual record or form to record and précis information for each liability, asset, or owner's equity transactio

The expected net present values, A company is considering investing some in...

A company is considering investing some independent proposals, The proposals with their expected net present values and standard deviations are given in the following table.

Brushy mountain mining''s stock, Brushy Mountain Mining Company's ore reser...

Brushy Mountain Mining Company's ore reserves are being depleted, so its sales are declining. Also, its pit is getting deeper every year, so its costs are rising. As a result, the

What is accounting and book keeping, Question 1 What is accounting and boo...

Question 1 What is accounting and book keeping? Explain the objectives of accounting? Question 2 Explain GAAP and write down the relationship between accounting principles, a

Account receivable, what is the treatment of increase in allowance receivab...

what is the treatment of increase in allowance receivable.

Profit on initial investment, The common stock of the PP Corporation has be...

The common stock of the PP Corporation has been trading in a narrow price range for the past month, and you are convinced it is going to break far out that range in the next 3 mont

Determine the basis of the ultimate cost of the payment, Given information:...

Given information: Offered a $20 million commercial loan priced using a 3month LIBOR index+100bp. After some preliminary research, using a money center bank's swap trading desk

The rectification entries, Show the rectification entries for the following...

Show the rectification entries for the following:                                        (10 marks) a.    The Sales account is undercast by Rs.15,000 b.    Goods returned by

What kinds of business ownership exist, What kinds of business ownership ex...

What kinds of business ownership exist? Particular form of business ownership has significant implications for accounting purposes and so it's useful to be clear about the main

Property transferred before bankruptcy, PROPERTY TRANSFERRED BEFORE BANKRUP...

PROPERTY TRANSFERRED BEFORE BANKRUPTCY (a) Voluntary settlements : The trustee can claim all property settled by the bankrupt on other persons within two years preceding the

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