succession


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Succession

The transfer of title to property under the law of Descent and Distribution. The transfer of legal or official powers from an individual who formerly held them to another who undertakes current responsibilities to execute those powers.

succession

n. the statutory rules of inheritance of a dead person's estate when the property is not given by the terms of a will, also called laws of "descent and distribution." (See: descent and distribution, inheritance)

succession

noun chain, concatenation, consecutive order, continuatio, cycle, descent, family, issue, lineage, offspring, order, procession, progeny, progression, sequence, series, successorship, train
Associated concepts: hereditary succession, intestate succession, legal succession, line of succession, natural succession, successor employer, successor interest, testamentary succession
Foreign phrases: Haereditas est successio in universum jus quod defunctus habuerit.Inheritance is the succession to every right which the deceased had possessed. Haereditas nihil aliud est, quam successio in universum jus, quod defunctus habuerit. An inheritance is nothing other than the succession to all the rights which the deeeased had. Qui in jus dominiumve alterius succedit jure ejus uti debet. One who succeeds to the ownership rights of another, should enjoy the rights of the other. Non debeo melioris conditionis esse, quam auctor meus a quo jus in me transit. I ought not to be in better condition than he to whose rights I succeed.
See also: birth, bloodline, chain, continuity, cycle, devolution, frequency, hierarchy, lineage, sequence, subrogation

succession

following another, used in relation to the taking over of a body corporate including the Crown. Succession to the Crown is governed by law but can be upset by abdication. Technically, the area of law regulating the passing of property from a deceased person. See INTESTACY, TESTATE.

SUCCESSION, in Louisiana. The right and transmission of the rights an obligations of the deceased to his heirs. Succession signifies also the estate, rights and charges which a person leaves after his death, whether the property exceed the charges, or the charges exceed the property, or whether he has left only charges without property. The succession not only includes the rights and obligations of the deceased, as they exist at the time of his death, but all that has accrued thereto since the opening of the succession, as also of the new charges to which it becomes subject. Finally, succession signifies also that right by which the heir can take possession of the estate of the deceased, such as it may be.
     2. There are three sorts of successions, to wit: testamentary succession; legal succession; and, irregular succession. 1. Testamentary succession is that which results from the constitution of the heir, contained in a testament executed in the form prescribed by law. 2. Legal succession is that which is established in favor of the nearest relations of the deceased. 3. Irregular succession is that which is established by law in favor of certain persons or of the state in default of heirs either legal or instituted by testament. Civ. Code, art. 867-874.
     3. The lines of a regular succession are divided into three, which rank among themselves in the following order: 1. Descendants. 2. Ascendants. 3. Collaterals. See Descent. Vide Poth. Traite des Successions Ibid. Coutumes d'Orleans, tit. 17 Ayl. Pand. 348; Toull. liv. 3, tit. 1; Domat, h.t.; Merl. Repert. h.t.

SUCCESSION, com. law. The mode by which one set of persons, members of a corporation aggregate, acquire the rights of another set which preceded them. This term in strictness is to be applied only to such corporations. 2 Bl. Com. 430.

References in periodicals archive ?
Agencies that have thought less about succession planning tend to have a different view, with only 30% preferring to transition to someone in house and 27% hoping to sell to an outside party.
Less than one in three financial advisers has a formal succession plan in place today, according to another recent report, "The Succession Challenge," issued by the Financial Planning Association (FPA) and Janus Henderson Investors.
The longer one gets to spend on succession planning, the smoother the transition process is likely to be.
The representative of the Islamabad Bar said that the succession certificate could be obtained in two months.
Succession came to Birmingham in 2016 when it acquired Clay Rogers & Partners, with Tim Clay and Mark Rogers now leading Succession Wealth in Water Street, Birmingham.
"When our planners reach the stage when they want to slow down or retire, there is a healthy population of people who already know the Succession way and are ready to take those clients on."
Succession's overriding aim is to provide its clients with the expertise needed to maintain and manage their wealth.
He made the remarks after the House of Representatives restored Robredo to the line of succession to the presidency during the transition to the federal system.
The law requires that following the death of the head of a family or a person that owns property, family members have to obtain a court-issued succession certificate in order to inherit and/or divide the property.
A booklet has also been published which contains a "succession planning toolkit" for family members.
"It is critical that family businesses plan for the future strategically, and make sure they take adequate time to incorporate governance and legal structure that best fits their family business succession plan, unique family dynamics and goals."
The study found that less than 30 percent of participants currently have succession plans in place.