Obligatory Share

Obligatory Share

 

in inheritance, the part of the deceased’s property that passes to the necessary heirs regardless of the content of the will. Questions concerning the obligatory share arise in instances when the deceased’s will has completely deprived necessary heirs of their inheritance or has bequeathed them less property than envisioned by law. In the USSR necessary heirs include the deceased’s minor children or children unable to work (including adopted children); a spouse or parents (including adoptive parents) unable to work; or persons unable to work who were the deceased’s dependents for at least one year before his death.

In determining the amount of the obligatory share, the share that would have been due to a necessary heir in the absence of a will (statutory inheritance) is calculated first. Two-thirds of the statutory share is the obligatory share. The value of ordinary household articles included in the inherited property is considered in determining the obligatory share. Persons deprived by law of the right of inheritance cannot claim an obligatory share, for example, parents after the death of children with respect to whom they have been deprived of parental rights.

Mentioned in ?
References in periodicals archive ?
Following the deal Rostelecom will have to announce an obligatory share buyout to Bashinformsvyaz minorities, however, the buyout price (about RUB11/share), will be below current market prices (RUB12/share), implying no benefits for Bashinformsvyaz shareholders.
Obligatory share buybacks completed The share issue to merge MTS and Comstar can now proceed.
Moreover, banks can expand cooperation agreements with banks in Gulf countries, money transfer companies, and the exchange firms to acquire obligatory shares in the transfers from workers there.