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Estates (DEEMED PROPERTY (Insurance Policies - section 3(3)(a) (Some…

- - - - Full Amount due and recoverable under policy xxx
        Less: premiums paid by beneficiary of the policy (xxx)
        Plus: interest at 6% per annum on the premium
        from the date of payment to date of death xxx
        AMOUNT INCLUDED IN PROPERTY XXX
    - - Policy recoverable by surviving spouse or child
      - Policy taken out by someone else (partner or shareholder)
        
        Deceased neither paid nor bore any premium
        
        purpose of taking out policy was to enable that person to acquire part or all of deceased part in the business
      - Policy which was not effected by or at the instance of the deceased
        
        no premium paid by the decease or on his behalf
        
        no amount due and recoverable will be paid into estate of the deceased
        
        no amount is due and recoverable to dependants or family
  - - - Deemed to be property in the deceased's estate
      - Section 3 of the Matrimonial Property Act
  - - - Immediately prior to his death
      - for his own benefit
      - for the benefit of his estate
    - - appropriate or dispose of property; or
      - revoke or vary the provisions of any donation, settlement, trust or other disposition
- - - - Holder may leave bare dominium to anyone when he dies
      - Usufructuary passes onto bare dominium when usufruct dies
      - Doesn't enjoy the fruits of the property → usufruct
      - Owns the property - may do whatever he wishes with it
    - - No bare dominium in fedeicomissium
      - Fideicommissum dies before the fiduciary → fiduciary becomes owner of the property
      - Death of fiduciary → property and use pass to fideicommissary
      - both bare dominium and use vest in the fiduciary but fiduciary may not sell the property
      - Fiduciary = person who has the right to use the property
    - - Bare dominium dies first :no_entry: ownership doesn't transfer to usufructuary
      - :red_flag:Usufrcutuary dies → usufruct reverts to bare dominium
      - Right to use property but not to sell it
      - :check:Property owned by bare dominium
      - :red_cross:Does not own property
      - Usufructuary = person who enjoys the usufruct
    - - Right to an annuity accruing to some other person upon death
      - Annuity charged upon property
      - fiduciary, usufructuary and other like interest in property
  - - - Corporeal or incorporeal
      - Movable or immovable
  - - - Immovable property outside the Republic
      - Moveable property outside the Republic
      - Debts only enforceable outside the Republic
      - Any goodwill, licence, patent or similar right registered or enforceable only outside the Republic
      - Stocks and shares in a body corporate which is not a SAn company