Business and Transfer Tax Game 3
Elements of Succession
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Topics of this game:
- It is a mode of acquisition by virtue of which, the property, rights and obligations, to the extent of the value of the inheritance, of a person are transmitted through his death to another either by his will or by operation of law.
- The elements of succession are ________ I. Decedent II. Estate III. Heirs IV. Administrators/Executors
- Estate is ________
- Statement 1: Inheritance refers to all the property, rights and obligations of a person which are not extinguished by death and all which have accrued thereto since the opening of succession. Statement 2: Rights which are purely personal and are not transmissible for they are extinguished by death.
- Which is NOT true about inheritance?
- Heirs, for estate tax purposes are classified as ______ I. Voluntary heirs. II. Compulsory heirs III. Legal or intestate heirs
- Heir who inherits personal property by will is known as: _____
- Which of the following is not a compulsory heir? _____
- The "compulsory heirs" are classified as: _____ I. Primary legitimate children and/or descendants II. Secondary legitimate parents and/or ascendants; illegitimate parents III. Concurring- surviving spouse; illegitimate children and/or descendants
- A person appointed by the testator to carry out the provisions of the will is called: ____
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