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Business and Transfer Taxes Notes PDF Free
Business and Transfer Taxes Notes PDF Free
Estate Tax
2 PARTS OF THE ESTATE
Legitime
– This is a secured portion of the estate that the lawreserves for compulsory heirs.
Free Portion
–
Portion of the will that the testator can freelydispose of.
PROBATE OF THE LAST WILL AND TESTAMENT
–
This is a SpecialProceeding validating the last will and testament.“No property of a
testator shall pass to an heir unless proven that allterms in the Last will and testament is
legal and valid in court.”
Revocation of Will
–
the testator may revoke his last will andtestament at any time before he dies. If he
executed more than oneLast will and testament the last one before he dies will be
theprevalent one
DiSINHERITANCE
–
A compulsory heir may be deprived of hislegitime for a cause provided by law and
effected by will where thelegal cause of which is stated. If there is any discrepancy, there
mustbe proof or evidence.
EXECUTOR/ ADMINISTRATOR
–
Carries out the provisions of the lastwill and testament that is appointed by the testator. If
he does notaccept, the court shall appoint.
Articulo MORTIS
–