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Last Will And Testament

Definition

A will or testament is a legal document by which a person, the testator, expresses their wishes as to how their property is to be distributed at death, and names one or more persons, the executor, to manage the estate until its final distribution. For the devolution of property not disposed of by will, see inheritance and intestacy.

What is 'Last Will And Testament'

A last will and testament is a legal document that communicates a person's final wishes pertaining to possessions and dependents. A person's last will and testament outlines what to do with possessions, whether he is leaving them to another person or group or donating them to charity, and what happens to other things for which he is responsible, such as custody of dependents and accounts and interests management.

Explaining 'Last Will And Testament'

A person writes a will while he is alive, and its instructions are carried out once the individual passes away. The will names a still-living person as the executor of the estate. That person is responsible for administering the estate. The probate court usually supervises the executor to ensure that he carries out wishes specified in the will.

Consequences of No Will

When a person dies without a valid will, he dies intestate, which means the state becomes the executor of the estate. In settling the estate, the state decides how to distribute the property and who receives payment first, without any consideration for a family’s circumstances. Any blood relative can stake a claim to the estate. The court can even establish guardianship arrangements based on its determination as to the best interests of the children. If a court determine a will is improperly drafted, it deems it invalid. Settlement of the estate is then subject to the state's intestate law.


Further Reading


Ben Graham's Last Will and Testament: An Evaluation
journals.sagepub.com [PDF]
… Tectonics Chapter 4 - Things Fall Apart Chapter 5 - Global Pandemics Chapter 6 - The Last Resort Chapter 7 … to the front and center of economic inquiry: it is, in short, about crisis economics … by calamitous busts— have always been with us, and with us they will always remain …

Banking, finance, and community economic empowerment: Structural economic theory, procedural civil rights, and substantive racial justiceBanking, finance, and community economic empowerment: Structural economic theory, procedural civil rights, and substantive racial justice
www.jstor.org [PDF]
… Tectonics Chapter 4 - Things Fall Apart Chapter 5 - Global Pandemics Chapter 6 - The Last Resort Chapter 7 … to the front and center of economic inquiry: it is, in short, about crisis economics … by calamitous busts— have always been with us, and with us they will always remain …



Q&A About Last Will And Testament


If there is no valid will, what happens next?

The court decides how to distribute property and who receives payment first, without any consideration for family circumstances or best interests of children. Guardianship arrangements may be established by court determination as well. If it determines that the Will was improperly drafted, it deems it invalid; otherwise settlement of the estate would be subject to intestate law."

Is there more than one type of Last Will And Testament ?

Yes .

Where can you find wills in ancient history?

Wills have been found in Egypt, dating back at least 2000 years. The earliest known Egyptian will was discovered in 1920 by an expedition of Harvard University archaeologists at Deir el-Bahri near Luxor (ancient Thebes). It dates from around 2500 BC. The Code of Hammurabi, compiled about 1754 BC, also makes references to "testament" and "last will and testament."

What happens when there is no valid will?

When there is no valid will, the state becomes executor of the estate.

Why do people need these different types of Wills besides Last Will And Testament ?

People need these different types because they have different needs .

What is a will?

A will is a legal document that expresses a person's wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution.

Who can stake claim to an estate without a valid will?

Any blood relative can stake claim to an estate without a valid will.

What is a last will and testament?

A last will and testament is a legal document that communicates a person's final wishes pertaining to possessions and dependents.

Who invented the written will?

Solon.

What are some other types of wills besides Last Will And Testament ?

There are living wills , holographic wills , nuncupative wills , mutual wills , codicils , etc .

What are some common types of wills?

There are three main kinds of last wills and testaments; holographic or handwritten wills (written entirely by hand), nuncupative or oral wills (spoken aloud but not written down) and codicils (a supplement or addition to a previously written instrument).

Who writes the will?

The individual writes the will while he is alive.

How does one write his own will?

One should consult with an attorney in order to ensure that all details are properly documented.

How do you make a holographic/handwritten will?

To create a handwritten last will and testament, one must first write out all the details including names, addresses for beneficiaries etc., then sign it with your own handprint or signature followed by the date on which it was signed. This should be done in front of two witnesses who must also sign it with their own handprints/signatures along with the date on which they signed it. One witness must be present when you sign this document while the other witness must sign within six months after your death so long as he/she has no reason to believe that you have died before signing his/her name on this document. If both witnesses

Are there different types of wills?

Yes, there are different types.