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

Dissolutions, DISSOLUTIONS A partnership may be dissolved due to variou...

DISSOLUTIONS A partnership may be dissolved due to various reasons which include: Poor trading that has led to losses A partner dying or leaving the firm The time

Calculate and interpret the two revenue variances, Consider the following 2...

Consider the following 2008 data for Newark General Hospitals (in millions of dollars Simple Budget_______Flexible Budget_ Actual Budget__ Revenue______$4.7$____4.8_____$4.5_

Determine the net cash provided by operating activities, Van Aalst Company'...

Van Aalst Company's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet

Which of the following is not a measurement issue in a/c, Which of the foll...

Which of the following is not a measurement issue in accouting a. when to record a business transaction b. how to classify the items of a businesss transaction c. when to classify

Examine the financial statements, Your firm has been hired to examine the f...

Your firm has been hired to examine the financial statements of Bonanza Development Corp. for possible irregularities.  As part of this task, you reviewed certain land transactions

Partnership amalgamation, how to prepare the accounts when goodwill is not ...

how to prepare the accounts when goodwill is not to be maintained in the books

Closing entries, Closing Entries: Expenses Below is a list of accounts with...

Closing Entries: Expenses Below is a list of accounts with corresponding ending balances. Account: Account Balance a.Insurance Expense: $1,300 b.Cash: 750 c.Accounts Receivable: 4,

Cash flow, Please use the budget information in Assignment 7.1-case to prep...

Please use the budget information in Assignment 7.1-case to prepare the budget in the Excel document Assignment 7.1-budget and cash flow.

Format for balance sheet, FORMAT FOR BALANCE SHEET The non current asse...

FORMAT FOR BALANCE SHEET The non current assets, current assets and current liabilities sections remain identical to those of a sole proprietorship.  However, the “capital sect

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