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 amount of goodwill, Blue sky Company's 12-31-13 balance sheet reports ...

Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, whi

Practise.., What would be the effect on the balance sheet if adjustments (a...

What would be the effect on the balance sheet if adjustments (a) and (f) were omitted at the end of the year?k question #Minimum 100 words accepted#

Receiver appointed by court-bankruptcy and liquidation, Receiver appointed ...

Receiver appointed by court If appointed by the court, the receiver must give security as directed by the court. The following notification must be given: (a) The debenture h

Relevance to investors, (a) IFRS 8 Operating segments requires that segment...

(a) IFRS 8 Operating segments requires that segmental information be provided by listed entities. Clearly FGH is looking to list and hence IFRS 8 will be applicable. The disclosure

Inventory ratio, inventory ratio of 4 compared to 7.1

inventory ratio of 4 compared to 7.1

What is recapitalization, Q. What is Recapitalization? Recapitalization...

Q. What is Recapitalization? Recapitalization - An internal reorganization of a corporation including a rearrangement of capital structure by changing the kind of stock or numb

Finacial management, There are two projects A and B. The initial capital ou...

There are two projects A and B. The initial capital outlay of A and B are Rs.1,35,000 and Rs.2,40,000 respectively. There will be no scrap value at the end of the life of both the

Accruals or accrued charges, Define Accruals or accrued charges What are...

Define Accruals or accrued charges What are Accruals or accrued charges - Expenses that are done for the current accounting period which have not yet been paid. These are someti

Qualitative characteristics , Since 1968, Dracula Limited has traded in Don...

Since 1968, Dracula Limited has traded in Doncaster, South Yorkshire as a manufacturer of fancy-dress and theatrical costumes. It produces a wide range of general theatrical costum

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