Types of gift by way of a will-executorship laws and account, Financial Accounting

Assignment Help:

TYPES OF GIFT BY WAY OF A WILL

(a) A special (or specific) legacy is a testamentary gift of a particular part of the property of the testator, which identifies that part by a sufficient description, whether in specific or in general terms and manifests an intention that that part shall be enjoyed as taken in the state and condition indicated by the description.

E.g.  I leave my house in Buru Buru, Nairobi, to my eldest son Maina.

(b) A general legacy is a testamentary gift, whether specific or general, of property 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.  A pecuniary legacy includes an annuity, a general legacy, a demonstrative legacy so far as it is not discharged out of the specified fund or property and any other general direction by the testator for the payment of money, including all death duties free from which any gift is made to take effect.

E.g. 
   1.    I leave Shs 200,000 to my youngest daughter June.
         2.    I leave a bicycle to my son Juma (NOT MY bicycle NOR THE bicycle, but a bicycle).

(c) A demonstrative legacy 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 specified 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.


Related Discussions:- Types of gift by way of a will-executorship laws and account

Fakari had the following asset at the ending of the year, Fakari had the fo...

Fakari had the following asset at the ending of the year 2013 having started the business at the beginning of the same year. kSH.000 Account payables 15,800 equipment 46,000

Probability analysis, Probability Analysis This engrosses the assessmen...

Probability Analysis This engrosses the assessment of the probabilities of future events linked to an investment project. If these events are universal circumstances the techni

Scheduling or budgeting, Tool Belt Store (TBS) is expanding its chain of ha...

Tool Belt Store (TBS) is expanding its chain of hardware stores across the country. TBS has more than 5,000 full-time employees and more than 20,000 part-time employees. TBS recent

Discuss the theoretical determinants , i.   Explain carefully what is meant...

i.   Explain carefully what is meant by a price earnings ratio. ii   Utilising a valuation model identify and briefly discuss the theoretical determinants of the ratio. iii

Draw the event and decision tree, Suppose Real Option Inc. has a product th...

Suppose Real Option Inc. has a product that generates the following cash flow. At t=1, the demand can be high or low with equal probability. If demand is high (low) the cash flo

explain the concept of materiality, You have recently been promoted to ass...

You have recently been promoted to assistant audit manager in SHAUNA & Co, a firm of Chartered Certified Accountants. Your first assignment in this new role is to supervise the aud

Committee of inspection-bankruptcy, COMMITTEE OF INSPECTION Appointme...

COMMITTEE OF INSPECTION Appointment : A committee of inspection may be appointed by the creditors at their first or any subsequent meeting to supervise the trustee.

Ratios, what is the profitability of

what is the profitability of

Pooling of interest, Pooling of Interest - Used to account for acquisition ...

Pooling of Interest - Used to account for acquisition of another company when acquiring company exchanges its voting COMMON STOCK for voting common stock of the attained company wh

Dangers of over-reliance on trade credit, Dangers of over-reliance on trade...

Dangers of over-reliance on trade credit In effect for the reason that trade credit represents temporary borrowing from suppliers until invoices are paid it becomes an importan

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