The ways of acceptance of succession

The ways of acceptance of succession In this master’s degree work three possible ways of acceptance of succession regulated in the Civil Code of the Republic of Lithuania are studied and analysed: acceptance of succession by giving application to the notary of the succession place, acceptance of succession after the actual start of its possession and the acceptance of succession in accordance with the property inventory compiled by court bailiff. Beside mentioned ways of acceptance of succession, peculiarities of succession of distinct property types that appear most often in practice are discussed. The object of this work is to analyse every way of the acceptance of succession, to compare them, to establish circumstances under which certain way of acceptance of succession is the most favourable for the successor to accept the succession. It is sought to establish relation between ways of acceptance of succession set by law and the possible liability for intestator’s debts for creditors. It is wanted to find out the way of acceptance of succession that is the safest for successors’ legal and property interests. Succession procedure in master’s degree work is reviewed in historical aspect, i.e. the period from the Great Duchy of Lithuania till the new Civil Code of the Republic of Lithuania came into effect (2001) is briefly discussed. Conception of succession is determined; successors that have right to accept succession are indicated. Ways of acceptance of succession, their relation with liability for intestator’s creditor obligations and its extent are studied and compared. Furthermore, conditions and procedure under which the inheritance becomes the national property are discussed