Administration of Estates in Nigeria

Administration of Estates in Nigeria

Transcript

1. ADMINISTRATION OF ESTATES
2. TERMS • PERSONAL REPRESENTATIVE • TAKING OUT REPRESENTATION • INTESTATE • CAVEATOR • CITATION • TRUST CORPORATION • PROOF IN COMMON OR IN SOLEMN
3. EXECUTORS AND ADMINISTATORS • MEANING • MODE OF APPOINTMENT
4. MODE OF APPOINTMENT • EXPRESS APPOINTMENT • IMPLIED APPOINTMENT • APPOINTMENT BY OPERATION OF LAW • APPOINTMENT BY THE COURT
5. APPOINTMENT BY THE COURT • PERSON ENTITLED CANNOT-MENTAL AND PHYSICAL INFIRMITY(BY AUTHORISED PERSON ORRESIDUARY LEGATEE) • INFANT IS SOLE EXECUTOR
6. APPOINTMENT BY THE COURT CONTS. • ADDITIONAL EXECUTOR-SOLE EXECUTOR AND MINOR IS A BENEFICIARY • ADMINISTRATOR WITH WILL ANNEXED
7. WHO CAN BE AN EXECUTOR • ANY PERSON • ARTIFICIAL PERSON • TRUST CORPORATION • MINOR OR PERSON OF UNSOUND MIND • NOTE QUALITIES
8. NUMBER OF EXECUTORS • ONE-NOTE EFFECT IF A MINOR IS A BENEFICIARY (S.24 AEL) • TWO OR MORE ( NOT MORE THAN FOUR-S. 24 AEL • MINOR AND ADULTS-DOUBLE PROBATE
9. DUTIES OF EXECUTORS & ADMINISTRATORS • PROVE THE WILL • DECENT BURIAL FOR TESTATOR • GATHER IN THE ESTATE • PAY ALL DEBTS AND LIABILITIES • ASCERTAIN BENEFICIARIES
10. DUTIES OF EXECUTORS & ADMINISTRATORS CONT. • DUTY OF CARE • FIDUCIARY DUTY • ACCOUNT AND RECORDS • DISTRIBUTE ASSETS IN THE ESTATE
11. REMUNERATION • SUPRA
12. GRANT OF PROBATE-WHO CAN APPLY • THE EXECUTORS • PERSONS ENTITLED WITH WILL ANNEXED • NEXT-OF-KIN • LEGATEE OR DEVISEE ( RESIDUARY, FOR LIFE, AND ULTIMATE LEGATEE OR DEVISEE
13. GRANT OF PROBATE • NON-CONTENTIOUS GRANT • CONTENTIUOS GRANT
14. NON-CONTENTIOUS GRANT • DISCOVERY OF THE WILL • CITATION OF EXECUTOR • APPLICATION ACCOMPANIED WITH- -COPY OF WILL -DEATH CERTIFICATE -PROOF OF IDENTITY OF DECEASED AND APPLICANT -AFFIDAVIT
15. NON-CONTENTIOUS GRANT • SATISFACTION OF COURT AS TO ATTESTATION • WILL OF A BLIND PERSON
16. CONTENTIOUS GRANT • APPLICATION TO REGISTRAR • CAVEAT FILLED • APPLICATION REFERED TO COURT • CITATION OF CAVEATOR • PROOF BY PROPOUNDER • GRANT PENDE LITE
17. CESSATION OF EXECUTORSHIP • EXECUTOR FAILS TO PROVE WILL • CITED BUT REFUSES TO RESPOND • RENOUNCES PROBATE
18. ADMINISTRATION-WHEN • DIES INTESTATE • PARET OF ESTATE NOT CONTAINED IN THE WILL • NO EXECUTOR • EXECUTOR DIES WITHOUT TAKING OUT PROBATE • EXE. RENOUNCES PROBATE
19. ADMINISTRATION-WHEN • EXE. INCAPACITED • APPOINTMENT VOID FOR UNCERTAINTY • ADMIN PENDING LITIGATION • CHAIN OF EXE IS BROKEN • CHIEF JUDGE
20. ADMINISTRATION-WHEN • ADMINSTRATOR- GENERAL • GRANT DURANTE ABSENTIA • ADMIN BY ATTORNEY • GRANT COLLINGENDA
21. GRANT OF L.A • APPLICATION ACCOMPANIED WITH: INVENTORY AFFIDAVIT OF NEXT OF KIN BOND BANK CERTIFICATE PARTICULARS OF LANDED PROPERTIES SCHEDULE OF DEBTS
22. APPLICATION ACCOMPANIED WITH: • JUSTIFICATION FOR SURETIES • NO NEED FOR TRUSTEES WHERE GRANT IS MADE TO: • CREDITOR, BENEFICIARY OF WHOLE ESTATE, ATTORNEY OF PERSON ENTITLED • PERSON GRANTED IN PLACE OF MINOR, ADMIN-GENERAL, OR ADMIN TO DEFEND A SUIT
23. WHO CAN APPLY FOR L.A • SURVIVING SPOUSE • CHILDREN OF DECEASE • PARENTS OF DECEASED • BROS AND SISTERS OF DECEASED • HALF BROTHERS • GRAND PARENTS • UNCLES AND AUNTS • CREDITORS
24. PUBLICATION OF APPLICATION • CAVEAT • CITATION • GRANT
25. EFFECT OF GRANT • GATHER IN THE ESTATE • PAY ALL DEBTS AND LIABILITIES • ENTITLED TO INDENMITY • LIABLE FOR WASTE OR CONVERSION • PURCHASER IS PROTECTED • RUN BUSINESS OF DECEASD
26. REVOCATION OF GRANT • LATTER WILL DISCOVERED • WILL LATER FOUND • GRANTED TO WRONG PERSON • GRANT BY FRAUD • GRANTED AND CAVEAT STILL IN FORCE • TESTAOR STILL ALIVE • EX. INCAPACITED
27. REVOCATION OF GRANT • GRANT TO ADMIN GEN –WHERE EXE OR NEXT OF KIN SATISFIES THAT HE WAS ENTITLED AND NO NOTICE SERVED ON HIM
28. REVOCATION CONTS. • TRANSFER OF INTEREST BY GRANTEE VALID • PAYMENTS TO GRANTEE VALID AND PAYER INDENMIFIABLE
29. RE-SEALING • WHEN • DOCUMENTS • PROCEDURE-APPLICATION, ADVERTISEMENT
30. RE-SEALING –SURETIES WHEN • GRANT TO CREDITOR • ATTORNEY • GRANT FOR USE AND BENEFIT OF INCAPACITED PERSON • APPLICANT RESIDES OUTSIDE STATE • PERSON TO RESIDUARY INTEREST IF PERSON ENTITLED DIES INTESTATE
31. DISTRIBUTION OF ASSETS • ACCORDING TO TENOR OF WILL • ACCORDING TO PERSONAL LAW OF INTESTATE • RETENTION OF GIFT • GIFT TO EXECUTOR-PRESUMPTION • RULES OF DISTRIBUTION-IDI IGI, ORO OJORI