Wills-executorship laws and accounts, Financial Accounting

Assignment Help:

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.


Related Discussions:- Wills-executorship laws and accounts

Compute the net income(loss), information for the year ended December 31, 2...

information for the year ended December 31, 2010: Sales 110,000 Direct materials used 20,800 Indirect production costs-fixed 10,400 Indirect production costs-variable 6,600 Direct

Calculate profit and loss, On 1 January 2008, a young artist called Michela...

On 1 January 2008, a young artist called Michelangelo signed a contract with a charity named Art Angels, which supports young artists to do large projects. The agreement requires M

In recent years Morten Ltd, in recent years Morten Ltd, a company that manu...

in recent years Morten Ltd, a company that manufactures and markets a range of pharmaceutical products.

Official development assistance , 1. To qualify as official development ass...

1. To qualify as official development assistance (ODA), development loans must have a grant element of at least 25 percent, calculated using a stated annual interest rate of 10 per

Calculate shares no., Q. Bento, Inc. had 500,000 shares of common stock out...

Q. Bento, Inc. had 500,000 shares of common stock outstanding before a stock split occurred, and 1,500,000 shares outstanding after the stock split. The stock split was a. 2-for-5.

4 page assignment, How do I know how much is service fee ?

How do I know how much is service fee ?

Steep analysis, i need to prepare a steep analysis report for kathmandu

i need to prepare a steep analysis report for kathmandu

BUDGETING, In the context of the public sector, discuss incremental system...

In the context of the public sector, discuss incremental system of budgeting and evaluate their strengths and weaknesses

Evlaute expected value of sales volume, Q. Evlaute Expected value of sales ...

Q. Evlaute Expected value of sales volume? (17500 × 0·3) + (20000 × 0·6) + (22500 × 0·1) = 19500 units Expected NPV = (((19500 × 1·35) - 10000) × 3·605) - 50000 = $8852 W

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