Characteristics of a will-executorship laws and accounts, Financial Accounting

Characteristics of a will

1) Dispositionary:  A will disposes the deceased’s property.

2) Formality:  For a will to be valid, it  must be written and signed by the deceased and appropriate witnesses. Oral wills area only valid if the testator dies within three months of making the will.

3) Alterations:  Alterations to the will e.g. in form of codicils, need to be signed and witnesses appropriately.

4) Posts-humous effect:  A will only takes effect after the testator is dead.  Thus, it is often said that a will is a device through which the dead can rule the living fro their graves.

5) Capacity:  The testator must have the capacity to make a will at the time that he makes the will e.g. he must be of sound mind.

6) Legality:  The will must be legal for it to be upheld in law.

Posted Date: 12/13/2012 4:23:57 AM | Location : United States







Related Discussions:- Characteristics of a will-executorship laws and accounts, Assignment Help, Ask Question on Characteristics of a will-executorship laws and accounts, Get Answer, Expert's Help, Characteristics of a will-executorship laws and accounts Discussions

Write discussion on Characteristics of a will-executorship laws and accounts
Your posts are moderated
Related Questions
a recommendation regarding the current south African vat system

Focus Company issued a $30,000, 20 year bond with a stated interest rate of 7%. Assume interest payments are made annually. What is the selling price of the bond if the market ra

The bid-offer spread as a function of daily trading volume is given by :p(q) = a + b*exp(cq) where q = daily trading volume a = 0.08 b= 0.10 c = 0.05 A trader wants to unwind

how to treat salary compensation given to an employee how to show this in company account

Q. Show the Expatriation Tax? Expatriation Tax - Individuals who loose or terminate their residency within 10 year period immediately preceding the close of a tax year, if term

Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement

Half secret trusts In this type of trust the will states that the gift is on trust, but the name of the beneficiary is not specified. Since the existence of a trust is disclose

Evidence on the usefulness of accounting There are convincing evidence and arguments that accounting information is at least perceived as being useful to users. Various researc

Purchases office supplies on account costing $12,600 during July. It pays $5,500 for these purchases during July and the remainder during August. Office supplies on hand on July 1

Third Inc. wishes to issue a perpetual callable bond. The current interest rate is 6%. Next year, there is a 30% chance that the interest rate will be 4.5% and a 70% chance that th