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

Assignment Help:

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.


Related Discussions:- Characteristics of a will-executorship laws and accounts

Accounting concept , What is the implications of applying accounting concep...

What is the implications of applying accounting concepts wrongly?

Financial accounting , a. Create a worksheet in your excel file and name it...

a. Create a worksheet in your excel file and name it "Part A Q2". In column A to E set up general journal and input the necessary journal entries to record the transactions and eve

Effect of winding up order-liquidation of companies, Effect of Winding-up O...

Effect of Winding-up Order The consequences of a winding-up order are: 1) Any disposition of the company's property and any transfer of shares is void, unless the court otherwis

Hedge and a cash flow hedge, PC Bank has $100,000 in fixed rate loans payin...

PC Bank has $100,000 in fixed rate loans paying an annual interest rate of 10 percent, payable semiannually. PC Bank also has $100,000 in certificates of deposit. Their depositor

Case law, GOLD MOUNTAIN SKI RESORT CASE You work for a venture firm and hav...

GOLD MOUNTAIN SKI RESORT CASE You work for a venture firm and have been asked to analyze a proposal from a group of investors interested in building a new ski area in Colorado. The

What do you understand by accumulated funds, QUESTION 1: Part A Ma...

QUESTION 1: Part A Malcolm was in business as an import merchant and the following balances were extracted from his books on 31st December 2003: Purchases

Corporation accounting oversight board, PCAOB - Public Corporation Accounti...

PCAOB - Public Corporation Accounting Oversight Board, a private-sector, non-profit corporation created by Sarbanes-Oxley Act of 2002, to oversee AUDITORs of public companies in or

Consolidation, what is consolidation and its features?

what is consolidation and its features?

Use spreadsheet to determine allocation, The Red and Blue partnership has b...

The Red and Blue partnership has been created to operate a law firm. The partners have been attempting to devise a fair system to allocate profits and losses. Red plans to work mor

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd