Succession is the transferring of inheritance from a decedent to successors, either through a will (testamentary succession) or by law when there is no will (intestate succession). There are different types of wills including a void will, partial institution of an heir, or an incapable heir. A succession involves transferring the decedent's property, rights, and responsibilities to successors like compulsory or voluntary heirs. To determine the gross estate for tax purposes, all the decedent's property value worldwide is included, except exempt transfers like property of a surviving spouse or assets outside the Philippines for a non-resident decedent. Establishing the gross estate involves valuing properties situated in the Philippines, including interest
Succession is the transferring of inheritance from a decedent to successors, either through a will (testamentary succession) or by law when there is no will (intestate succession). There are different types of wills including a void will, partial institution of an heir, or an incapable heir. A succession involves transferring the decedent's property, rights, and responsibilities to successors like compulsory or voluntary heirs. To determine the gross estate for tax purposes, all the decedent's property value worldwide is included, except exempt transfers like property of a surviving spouse or assets outside the Philippines for a non-resident decedent. Establishing the gross estate involves valuing properties situated in the Philippines, including interest
Succession is the transferring of inheritance from a decedent to successors, either through a will (testamentary succession) or by law when there is no will (intestate succession). There are different types of wills including a void will, partial institution of an heir, or an incapable heir. A succession involves transferring the decedent's property, rights, and responsibilities to successors like compulsory or voluntary heirs. To determine the gross estate for tax purposes, all the decedent's property value worldwide is included, except exempt transfers like property of a surviving spouse or assets outside the Philippines for a non-resident decedent. Establishing the gross estate involves valuing properties situated in the Philippines, including interest
1. How do you define succession, in your own words?
Succession is the transferring of inheritance.
2. What are the types of Succession and their differences? a. Testamentary or testate succession is property distributed by will b. Legal or intestate succession is when compulsory heirs assume the inheritance c. Mixed succession is a type of succession made in a will designating an heir a succession affected by operations of law a combination of the 2 former types of succession 3. What are the types of Wills and their differences? a. If a person dies without a will, or with a void will or one which has subsequently lost its validity (VOID WILL) b. When the "Will" does not institute an heir c. Partial institution of an heir d. When the heir instituted is incapable of succeeding 4. What is the nature of Succession? A succession is described as a form of acquisition wherein a person's property, rights, and responsibilities up to the value of his inheritance are transferred to another person or persons through his death, either by his will or by operation of law. 5. What are the elements of Succession? a. Decedent Inheritance b. Successors c. Compulsory heirs d. Voluntary heirs e. Legal or intestate heirs 6. Up to what extent is the scope of Gross Estate? The Tax Code of the Philippines states that the value of the gross estate of the decedent should be determined by including the value at the time of his death of all property, real or personal, tangible or intangible, wherever situated with certain conditions imposed upon the nonresident decedent. 7. What are the exempt transfers/exclusion from the gross estate? The tax excludes “intangible” personal property with situs in the Philippines from the gross estate of a non-resident alien decedent if there is reciprocity. Exclusive property of the surviving spouse Property outside the Philippines of a non-resident alien 8. What is the procedure of establishing gross estate A nonresident alien decedent is taxable only for the properties situated in the Philippines. Moreover, interest income earned before or at the time of death shall likewise form part of the decedent’s gross estate. Intangible properties with situs within the Philippines are excluded in the determination of the gross estate if there is reciprocity.