What is a Will?
A will is a legal document of a person through which he/she conveys his/her wishes related to his/her property (either movable or immovable or both). Basically, he/she expresses his/her interests i.e. how his/her property will be disbursed after his/her death. The ‘Will’ owner also names the person/s who will manage and execute his/her property until the estate gets distributed to its respective owner/s (as per the Will).
What are the types of a Will?
Depending on the way, the Will is written and nature, Will is categorized as:
- Non-culpatory Will: It is orally dictated Will.
- Holographic Will: The Will which is written in the hand of the testator. Testator’s signature or thumb impression (in case he/she cannot sign) is imperative for such kind of Will.
- Notarial: The Will which is available in public form and prepared by a civil-law notary.
- Mystic Will: It is the Will, which remains sealed until the death of the testator.
- Reciprocal/mutual/husband and wife Will: This is the Will which is made by two or more parties (typically spouses).
- Will in a solemn form: This is the Will which is signed by testator and witnesses.
Who is a Testator?
Testator is a person who has made a Will and mentioned how his/her property will be distributed, who will be the owner of his property, and who will manage his/her property until it gets disbursed.
How to revoke a Will?
A will can be revoked by the testator by:
Damaging (by any means such as tearing, burning, etc.) it physically with intention to damage it
- By striking out the signature
- By striking out the whole text
- By making a new Will
What are the requirements of creating a Will?
Following two are the most essentially requirements of creating a Will:
- He/she must be an adult (attained the maturity)
- He/she must of sound mind.
What is a Trust Deed?
A deed of trust or trust deed is a legal document wherein the legal title of a real property is transferred to a trustee who manages the property.
What is Probate?
Probate is a legal process under which a ‘Will’ is proved in a court that it is original and can be accepted as a valid public document.
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