ELEMENTS OF SUCCESSION

1. Decedent - In a simple word, it refers to a person who is a deceased or a dead person. Their property,
rights or obligation would be given to the heirs.
2. Heir - a person who would legally inherit or call to the succession of rights, property, or obligation of the
decedent person. Heirs who are applicable to enjoy the estate are son/daughter, descendants or
person who is present on the last will testament of decedent.
3. Estate - in a simple way, it refers to every property, rights and obligation of a person while he is alive,
and it’ll be extinguished when the person died and all his/her heirs would collect the estate.  Estate is
also taxable just like individuals, however it is taxed only for its income from the death of the deceased
person.