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It is a mere declaration of an intention so long as a testator is alive.
- A will is declaration that may be revoked or varied according to the variation in his intention.
- Will is a disposition that requires the testators death for its consumption and is but ambulatory or without fixed effect until the happening of that event.
- Will is a transfer of property that is voluntary, unjustified and absolute conferring immediate rights.
- A will must be construed as a whole to give effect to manifest intention of a testator.
Form Of A Will
No particular form of a language is requisite for a will, numerous documents, not testamentary in form, have been admitted to probate on proof or due execution, there being evidence which satisfied the court that their maker intended them to operate as his will.
Nature of A will
If an instrument is a deed in form, in order to hold it testamentary or in the nature of a will, there must be something very special in the case, and unless there are
Circumstances which compel the court to treat an instrument in the form of a deed as a will, the court will not do so.
Types of will: No particular form of a language is requisite for a will,
- Reputation of will: Is equal to the making of that will.
- Joint will: Is a single instrument where by two persons give effect to their testamentary dispositions.
- Mutual will: Is one of two testamentary papers made respectively by two persons, each giving the other similar rights in his property and being in fact identical, for the purpose of carrying out the intention of the two testators.
- Holograph will: Also called as Autograph will. It means ,the will is wholly written by the testator in person differ from ordinary will only in requiring less or no attention.
- Scotch will: According to Common Law of Scotland a paper which is in the hand writing of a declared person constitutes a valid will, and needs no witness.
- Conditional or Contingent will: a will may be expressed to take effect only in the event of the happening of some contingency or not happen or the condition fails, the will not entitled to probate.
- Nuncupative will: a testament by words of mouth is called a nuncupative will.
- Duplicate will: where a will is executed in duplicate, the testator keeping one and depositing the same with some other person. It is only not duly executed by the testator signing one copy and the witness attesting and signing the other.
- Mystic will: Sealed until death.
Joint Tenancy: Many couples hold property in joint tenancy with right of survivor ship if property is held in joint tenancy by a husband and wife, at the death of either party the property belongs to the other party.
Family trust Funds: A trust provides a means of conserving funds or properties by transferring the management to competent administrator, either a person or a financial institution. It is a legal arrangement whereby the funds or properties are placed in the safekeeping of disinterested party, called a trustee, and the returns are paid to another party, called the beneficiary.
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