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

Wilson wonders''s bonds, Wilson Wonders's bonds have 15 years remaining to ...

Wilson Wonders's bonds have 15 years remaining to maturity. Interest is paid yearly, the bonds have a $1,000 par value, and the coupon interest rate is 12%. The bonds sell at a pri

Calculate the net present value for an investment project, Calculate the ne...

Calculate the net present value for an investment project with the following cash flows using a 12 percent cost of capital:     Year                    0                      1

structural programming languages in industry today, Write  the advantages ...

Write  the advantages and drawbacks of both the structured and object-oriented (OO) paradigm in programming. Describe the perceived preference of OO languages over the more structu

Errors-financial period, Errors An error is an error discovered in the cu...

Errors An error is an error discovered in the current financial period but it relates to one or more previous financial periods. Such errors arise due to mathematical mistakes, m

Profit for the period-notes to the accounts, Profit for the period The pr...

Profit for the period The profit for the period has been arrived at after charging the following expenses: Normal 0 false false false EN-US X-NONE

Dividends out of the capital profits , Dividends out of the capital profits...

Dividends out of the capital profits Dividends out of the capital profits are apportioned on the same basis as dividends out of income (Re. Doughty). (a) Variation of sec

Determine the goodwill calculation, A company purchased 16 million shares (...

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

Accounting for lease, what are the concept of economic substance over legal...

what are the concept of economic substance over legal form under accounting for lease?

Adjustments, Is goodwill a fictitious asset?

Is goodwill a fictitious asset?

Financial managment, How is a company’s cost of capital affected by its tax...

How is a company’s cost of capital affected by its tax rate?

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