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SUCCESSIONS
What Is Succession?
The general meaning of the word, succession, 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.
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.
The lines of a regular succession rank in the following order:
- Descendants
- Ascendants
- Collaterals
What is a Successor?
Successor refers to the person who follows or replaces another. It denotes a person appointed or elected to a position or office, after the term of someone else.
the term successor, is usually used in the context of a corporation. To refer to the person who has the right by descent to the estate of the deceased, it's more appropriate to use the word, heir.
What Is Inheritance Succession?
Inheritance succession is the distribution of property after the death of a person. An inheritance is same as the succession to rights and property of the deceased.
People usually want their estate to be distributed in a specific manner upon their death. Most of the people leave their property to their family, relatives, and friends. The property of the deceased is distributed in a certain order of priority. This ordering of property distribution is known as inheritance succession.
Testate and Intestate Succession
When a person dies, his or her property must pass to a living person.