ch51

West's Business Law with Online Research Guide, 9th Edition

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WILLS: TERMINOLOGY Will: An instrument prepared by or at the direction of a testator directing what is to be done with her property upon her death. No interest in the testator’s property passes under the will prior to the testator’s death. The testator may revoke any part or all of her will, or amend it by a codicil , during her lifetime. Executor: A person appointed by the testator in her will to see that the will is administered and the testator’s property is disposed of as the testator wished. Administrator: A person appointed by a (probate) court to handle the disposition of an intestate’s property or to handle the disposition of a testator’s property if the executor named by the testator cannot serve. Types of Gifts Devise: A gift of real property by will to a devisee . Ch. 51: Wills, Trusts, and Elder Law - No. 1 West’s Business Law (9th ed.)
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Legacy/Bequest: A gift of personal property by will to a legatee . Ch. 51: Wills, Trusts, and Elder Law - No. 2 West’s Business Law (9th ed.)
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WILLS: REQUISITES FOR VALIDITY Testamentary Capacity: The testator must be of legal age and sound mind at the time he makes the will. Generally, a testator who is of legal age must: (1) intend the document to be his last will, (2) comprehend the kind and character of the property being distributed by the will, and (3) comprehend and remember the “natural objects of his bounty” ( i.e. , the intended beneficiaries). Writing Requirement: Generally, a will must be written. Holographic Will: A will that is completely handwritten. Nuncupative Will: An oral will made and declared before witnesses ( e.g. , a “deathbed will”). Other Formalities: The testator’s signature must appear on the face of the will, and, in the case of non-holographic wills, must be declared before and signed by witnesses . Ch. 51: Wills, Trusts, and Elder Law - No. 3 West’s Business Law (9th ed.)
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WILLS: REVOCATION A testator may revoke her will at any time prior to her death. Revocation may be accomplished by: (1) Physical Act: intentionally burning, tearing, canceling, obliterating, or otherwise destroying the will or directing another to do so in the testator’s presence; (2) Subsequent Writing: intentionally making a new will or amending or revoking any or all of a will by means of a codicil; or (3) Operation of Law: due to marriage, divorce, or annulment, or the birth of one or more children after the will was executed.
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