A specific successor assumes the rights and responsibilities of another individual or company for a particular thing or property. For instance, inheriting a house from one’s parents makes them a specific successor to that property. This differs from a universal successor, who assumes all the rights and responsibilities of the previous owner, as in the case of inheriting an entire estate.
A specific successor is an individual who inherits the rights and obligations related only to the specific property being conveyed. This differs from a universal successor, who inherits all the rights and powers of a previous owner. For example, when John inherits his grandfather’s house, he is considered a specific successor because he only inherits the rights and obligations related to the house, not any other property his grandfather owned. Similarly, when a corporation is dissolved, its assets are distributed to its statutory successors according to the laws of the state of incorporation. The statutory successor is a specific successor because they only inherit the assets of the dissolved corporation, not any other assets. These examples demonstrate how a specific successor only inherits specific rights and obligations, rather than all of the rights and powers of a former owner or corporation.
A particular successor refers to an individual or entity who is designated to inherit specific assets or property upon the death of the current owner.
While a general successor inherits all of the assets and property of the deceased, a particular successor only inherits specific assets or property that have been specifically designated for them.
Yes, a particular successor can be chosen for both personal property, such as jewelry or vehicles, as well as real property, such as land or houses.
The current owner can choose a particular successor by including their name and the specific assets or property they are to inherit in their will or trust document.
Yes, the current owner has the ability to change the particular successor at any time by amending their will or trust document.
Yes, a particular successor has the right to refuse the inheritance if they do not wish to accept the designated assets or property.
If a particular successor refuses the inheritance, the assets or property designated for them will typically be distributed according to the alternate provisions outlined in the will or trust document.
In certain circumstances, a particular successor can be challenged in court if there are allegations of fraud, undue influence, or lack of capacity when the will or trust document was created.
Yes, a particular successor can be a minor, but their inheritance may be subject to certain restrictions or held in trust until they reach the age of majority.
Yes, a particular successor can be a non-family member, such as a close friend or charitable organisation, as long as their designation is clearly stated in the will or trust document.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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