Succession 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 others either by his last will and testament or by operation of law. The rights to the inheritance are transmitted to the heirs from the moment of the death of the decedent.
Kinds of Succession
1.Testamentary or testate- this type of succession is that which results from the designation of an heir, made in a will executed in the form prescribed by law.
2.Legal or intestate- this type of succession is that affected by operation of law since the decedent did not execute a will.
3.Mixed- this kind of succession is that affected partly by will and partly by operation of law.
Elements of Succession
There are 4 elements that need to be present in order to have a successful transfer of ownership from the dead to the living.
1.Death of the decedent- In order to have property to be passed to heirs, a person must die. If there is no death, no succession will occur. The term decedent is used to call a person who left properties behind. If the person left a will, he is also called the testator or testatrix.
2.Inheritance- this includes all the property, rights and obligations of a person that are not extinguished by his death. The inheritance of a person includes the property and the transmissible rights and obligations existing at the tome of his death plus those which have accrued thereto since the opening of the succession. Inheritance may either be tangible or intangible properties.
3.Successors– These are the persons who would be receiving inheritance either by will or by operation of law. Heirs, devisees and legates are all successors.
4.Acceptance– The acceptance of inheritance by the heirs or beneficiaries may be express or tacit. An express acceptance may be made in a public of private document. A tacit acceptance is one resulting from acts by which the intention to accept is necessarily implied, or which one would have no right to do except in the capacity of an heir.