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The South African law of succession prescribes the rules which determine the devolution of a person's estate after his death, and all matters incidental thereto. It identifies the beneficiaries who are entitled to succeed to the deceased's estate, and the extent of the benefits they are to receive, and determines the different rights and duties that persons (for example, beneficiaries and ...
South African family law is concerned with those legal rules in South Africa which pertain to familial relationships. [1] It may be defined as "that subdivision of material private law which researches, describes and regulates the origin, contents and dissolution of all legal relationships between: (i) husband and wife (including the parties to a civil union); (ii) parents, guardians (and ...
Testate succession exists under the law of succession in South Africa.. Testamentary succession takes place by virtue of either a will or a codicil: A will or testament is a declaration, in proper form, by a person known as the "testator" or "testatrix," as to how and to whom his or her property is to go after his or her death.
Under the Act, the surviving spouse and the adopted child are heirs of the deceased. The historical discrimination visited on extra-marital children has disappeared. The position of adopted children is now dealt with in the Child Care Act, 1983. [8] Until recently, the application of the Intestate Succession Act, 1987 was regulated on a racial ...
A stepped-up basis can be higher than the before-death cost basis, which is the benefactor's purchase price for the asset, adjusted for improvements or losses. Because taxable capital-gain income is the selling price minus the basis, a high stepped-up basis can greatly reduce the beneficiary's taxable capital-gain income if the beneficiary ...
Sale price ($500,000) - Stepped-up original cost basis ($500,000) = $0.00 taxable capital gains On the other hand say that you hold the house for a year, during which time the price of this house ...
Volks NO v Robinson and Others is an important decision in South African family law and law of succession.In a majority judgment written by Justice Thembile Skweyiya, the Constitutional Court of South Africa dismissed a challenge to the constitutionality of the Maintenance of Surviving Spouses Act, 1990.
Inherited IRA rules: 7 key things to know 1. Spouses get the most leeway. If someone inherits an IRA from their deceased spouse, the survivor has several choices of what to do with it: