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Business and Transfer Tax Game 3

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Elements of Succession

PamelaCueco
Created Date 12.01.21
Last Updated 12.01.21
Viewed 1 Times
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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: ____