Week4 Lecture Answer

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Week 4 Lecture:

Creating and valid will involves several elements. Because a will is subject to change, the date of execution is critical, and it must have testamentary intentions to operate as his /her last will. The testator must have testamentary capacity or age 18 sane. ( Military personnel can be any age) and signed. The are written wills, holographic, have signatures of two competent witnesses who can attest and subscribe the will.  Each state law will vary a bit regarding a will so it is important to know the rules the testator resides in.  A will can be modified changed or replaced with a new will. A will can be revoked ( physical act, the law or subsequent writing), rejected or contested in court through a lawsuit by a person who has “standing” and objects to the probate courts’ decision. Many states have a statute of limitation to contest a will. 

 

Discuss a common reason for revoking by operation of the law of a will?

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Week4 Lecture Answer

The common reasons for revoking by operation of law are marriage and divorce. A will can be revoked by marriage. If the testator marries after creating the will, the law in some states will revoke the will even without the consent of the testator. This case will create intestacy because the will does not exist anymore

This question is taken from Accounting 175 – Estate Gift and Trust Taxation » Spring 2021 » Lectures