Succession of Estate
Succession of Estate
Law of succession refers to the law that applies to a succession. A different set of rules apply to testate and intestate successions.
Succession of estate
This is the process of following another. As a legal terminology, succession means taking the rights of another as his or her successor. It usually denotes the transmission of rights and obligations of the deceased to his legal heirs. The word, succession, is also used to refer to the rights, estate, and charges left by a person after his or her death, irrespective of whether the value of the property is more or less than the charges. It may also signify the right of the heir to take possession of the estate of the deceased.
Succession not only includes the rights and obligations left by the deceased at the time of his or her death, but it also includes new charges, rights, and obligations that accrue to the existing ones after opening of the succession. At VESTRAK AFRICA LIMITED we offer a wide range of land succession services in Kenya and Africa at large.
There are three types of successions:
- Testamentary succession: This type of succession is created when a testament specifying the heir to one's property is executed in a manner prescribed by law.
- Legal succession: It's the succession established in favor of the nearest living blood relations of the deceased.
- Irregular succession: It refers to the succession established by law in the absence of legal or testament-constituted heirs.
- Industrial properties for industrial use.
- Investment/speculative properties to be disposed overtime for capital gains.
The lines of a regular succession rank in the following order:
- Descendants
- Ascendants
- Collaterals