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

Fast - slow and non moving analysis, FSN Analysis: In this method inven...

FSN Analysis: In this method inventory items are classified as per the usage/consumption pattern. They are categorizing as: Fast Moving (F) items are stored in huge quant

Consignment, A of surat consigns goods to B of jaipur to be sold at or abov...

A of surat consigns goods to B of jaipur to be sold at or above price .Be is entitles to get a ommission of 8% on sales at invoice price plus 25% of any surplus price realized. B

Leases, Company A(lessee) will rent inventory for you for 3 years rather th...

Company A(lessee) will rent inventory for you for 3 years rather than buying it for the regular price of $240,000. Normally these units, which cost us $120,000 to produce, will las

What are the financial statements, Q. What are the financial statements? ...

Q. What are the financial statements? Significant Accounts - An account is significant if there is more than a remote likelihood that account could include misstatements which

Capital recovery factor, Equation illustrates the relationship in between P...

Equation illustrates the relationship in between PVA n , A, K and n. So manipulating this a bit: We find that A = PVA n [(k (1 + k) n )/((1 +k) n - 1)] [(k (1 + k) n )/(

The partnership deed, The Partnership Deed It is the agreement that reg...

The Partnership Deed It is the agreement that regulates the partner’s actions in undertaking the partnership business. This may or may not have been drawn up.  It usually conta

Management and operational control, Management and operational control: Co...

Management and operational control: Cost of goods sold and gross margin analysis, profit as net income analysis, operating expense analysis, contribution analysis and analysis of

Interest-probable debts, Interest Interest may be claimed-up to the dat...

Interest Interest may be claimed-up to the date of the receiving order - if it is payable: By agreement; By statute; If the debt was created in writing and due at a

Fund accounting and preparation of financial statements, Fund accounting an...

Fund accounting and preparation of financial statements) The scenario: At the start of the year beginning January 1, 2013, Coco City's General Fund had a cash balance of $40,000, v

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