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
Middlehurst House is a daycare center/preschool which operates as a partnership of George Friedman and Bill Compton. The center is in a city that has a large base of twoincome fami

AsIDENTIFY THE MAIN PROVISIONS OF THE PARTNERSHIP ACT k question #Minimum 100 words accepted#

how do i find info about google inc

A of Surat consign goods to B of Jaipur to be sold at or above invoice price. B is entiled to get a commission of 8% on sales at invoice price plus 25% of any surplus price reali

IFRS guidelines IFRSs Gives the guideline on the content and the accounting statements of certain events and transactions in the financial statements. The following IFRSs are r

Question: Lucy Kim is in the car hire business. The following information came from her Fixed Asset Register on 31 December 2009: On 31 March 2009, she sold the car wh

Research and Development (R&D) - Research is a planned activity aimed at discovery of new knowledge with hope of developing new or improved services andproducts. Development is the

How do I compute the selling price of a callable bond? I have the bond selling price if it isn''t callable, but I don''t know how the callable feature impacts the price.

Discuss the advantages and disadvantages of different types of financing: 1. Issuing bonds 2. Borrowing from Bank 3. Equity financing

1a. Explain why it is the case that the value of intermediate goods produced and sold during the year is not included directly as part of GDP, but the value of intermediate goods p