Classnotes Wills - Wills, Trusts, and Estates The Will: A...

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Wills, Trusts, and Estates The Will: A written document declaring how a person wants his/her property distributed upon death. Requirements for making a valid will: Every state has a statute of wills that establishes the requirements for making a valid will in that state. These requirements are: Testamentary capacity: the testator must have been of legal age and sound mind when the will was made. Writing: most wills must be in writing to be valid. Testator's signature: wills must be signed. Witnesses: Most states require 2 or 3 witnesses to the testator’s signature. Codicil: A will cannot be changed by simply crossing out old provisions and adding new ones. A codicil is an amendment to the original will which is a separate document and has the same formalities as a will. More common in times past when redoing the original involved more work. Revoking a will: A will may be revoked by acts of the testator such as burning, tearing, obliterating, or otherwise destroying the will. Wills can also be revoked by operation of law. Holographic wills (not a hologram!) A holographic will is a will that is entirely hand-written and signed by the testator. Many (but not all) states recognize the validity of such wills. A noncupative will is an oral will that is made before a witness during the testator's last
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This note was uploaded on 10/24/2011 for the course ACCT 351 taught by Professor Staff during the Spring '08 term at University of Delaware.

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Classnotes Wills - Wills, Trusts, and Estates The Will: A...

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