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
Provisions of the Partnership Act In the event of absence of a partnership agreement/deed or in the event of ambiguity therein, the provisions to the partnership Act will apply

methods of preparation of trial balance

Question: A company produces and sells a single product, the standard unit cost details of which are as follows: Direct material 2 kilos x Rs4.5 per kilo Direct labour 3 ho

what organizations are responsible for governing financial reporting? what is the role of each organiztion? how have the roles changed in the last 20 years? how might their roles c

Deferred taxation is caused by timing differences that arise when a transaction is recognized differently for accounting and tax purposes; for i.e, capital expenditure, that invol

Would you invest in a project that has a net investment of $14,600 and a single net cash flow of $24,900 in 5 years, if your required rate of return was 12 percent?

Prepare an income statement and statement of owner's equity  (month ended Mar,31 1995) Auto remair fee earned            37,300 Salaries Expense                    11500 Repair par

Rogers Communication is considering whether to take advantage of historically low Canadian interest rates and lower its cost of debt by refunding its old bonds. Rogers has a $50mil

Create a Trial Balance and Income Statement Cash                                     $18,470    A/R                                         14,333                            A

Q. Which of the following is not true of a corporation? a. It may buy, own, and sell property. b. It may sue and be sued. c. The acts of its owners bind the corporation. d. It may