Wills-executorship laws and accounts, Financial Accounting

WILLS

A will is the legal declaration by a person of his wishes or intentions regarding the disposition of his property after his death, duly made and executed according to the provision of the Law of Succession Act.

Requirements of a valid will:

1. In order to make a will, a person must be of sound mind and have reached his majority.

2. A person may dispose of all or any of his free property by will and may make any disposition by reference to any secular or religious law that he chooses.

3. A female person (whether married or not) has the same capacity to make a will as a male.

4. When a person makes or purports to make a will, he shall be deemed to be of sound mind unless, at the time of executing the will, he is in such a state of mind, whether arising from mental or physical illness, drunkenness or from any other cause, as not to know what he is doing.  The burden of proof that a testator (i.e. the person who makes the will) was, at the time, not of sound mind, shall be upon the person who so alleges.

5. A person may, by will, appoint an executor or executors.  An executor is a person to whom the execution of the last will of a deceased person is, by the testator's appointment, confided.

6. If a will, or any part of a will, was made by fraud or coercion, or by such importunity as takes away the free agency of the testator, or has been induced by mistake, the will, or that part of it, is void.

Posted Date: 12/13/2012 4:14:31 AM | Location : United States







Related Discussions:- Wills-executorship laws and accounts, Assignment Help, Ask Question on Wills-executorship laws and accounts, Get Answer, Expert's Help, Wills-executorship laws and accounts Discussions

Write discussion on Wills-executorship laws and accounts
Your posts are moderated
Related Questions


Q. Estimation of current cost of debt? The debenture will be used to estimation the current cost of debt as it is the only marketable debt. The present market value of the debe

Holding company with more than one subsidiary company Under this type of structure, the holding company controls more than one company. For example H ltd may Own 80% of S1, 75%

Wendy is evaluating a capital budgeting project that should last for 4 years. The project requires $ 800,000 of equipment. She is unsure what depreciation method to use in her anal

INTRA COMPANY ADJUSTMENTS In preparing the consolidated balance sheet, the following items may require adjustments:. 1    Goodwill 2    Unrealized profit on closing inventory 3

Derivation of Formulas i) Future Value of an Annuity Future value of an annuity is FVA n = A(1 + k) n -1 + A (1 + k) n - 2   + .......A (1 + k) + A     ............

What kinds of risks does a firm like Amazon.com face with respect to safeguarding its assets? What types of controls do you think it already has in place to minimize these risks? G

Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expens

How does ordinary shares and preference shares included in the account