Wednesday, April 29, 2009

Types of Wills: Mutual will, holograph will, joint will, contigent, privileged will

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Holograph Will: A holograph Will means a Will written in the testator's own handwriting. After the Will is written, the testator has to sign it and get his signature attested. This Will, without the signature and attestation, is invalid.

Mutual Will: Two persons, generally husband and wife, are involved in making a mutual Will. In this kind of Will, the husband and wife mutually agree to bestow upon each other reciprocal benefits in each other's property, subject to other clauses in the Will.

Joint Will: It takes two or more persons to execute a Joint Will. This Will is made to dispose off their joint or separate properties jointly. Any one of them can revoke the Will. If one testator dies the Will will be considered as his Will.

Contingent Will: This is another kind of Will. It comes into effect on the happening of any event or condition. It is a Will to do or not to do something if some event does or does not take place.

Privileged Will: A soldier, airman, or a seaman engaged in warfare or adventure is allowed to make a privileged Will. The privileges given among other things are that the Will can be written or oral. If the testator writes a Will, it need not be signed by him and attested by a witness. If some other person writes it in whole or in part, it must carry the testator's signature, but witness attestation is not necessary.

Unprivile g ed Will: It is a Will not made by a soldier, airman or seaman. Anyone who is a major in age can make this Will. He must be a person of sound mind and in case of ill health he must understand exactly what he is doing.

Nomination: Statutory institutions like Government Departments, public sector corporations, post office, LIC, and nationalised banks provide for a policyholder or a fixed deposit holder an option to propose his nominee. The benefits will belong to the nominee. Nomination is generally in the nature of a Will and restricted to each item of policy or security.

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