Question

7. What are the benefits of executing a valid Last Will & Testament?

8. To execute a formal Will, what basic requirements must be met?

9. List 5 duties that an Executor must comply with once appointed by the court and Will is held to be valid.

Answer 1

7. What are the benefits of executing a valid Last Will & Testament?

a) You can amend it anytime you want to in order to make it updated as per the current scenario.

b) In this type of will you can choose beneficiary of your assets. The person on whose name you assets will be transferred.

c) You can revoke it as and when required and prepare new will at all.

d) This will help you to choose guardian for your children and set aside some funds for their welfare

e) It is quite affordable and not that expensive.

8. To execute a formal Will, what basic requirements must be met?

a) Each page of will must be signed by testator.

b) He/she should be of age >16 years

c) Will should also be signed by two witnesses of age >= 14 years

d) To be a valid will, it should be in writing.

9. List 5 duties that an Executor must comply with once appointed by the court and Will is held to be valid.

a) Prepare list of assets and liabilities of deceased, also find if any property is held by anyone else, it is executor's duty to avoid any loss of property of deceased.

b) Prepare list of creditors and validate them and disburse the liabilities properly from deceased assets

c) File Tax return of deceased person within the time frame prescribed under law.

d) Distribute assets of deceased among the beneficiaries which are entitled as per law. Assets disbursement should be done after paying off creditors.

e) Court will close the estate once final accounting is approved by beneficiaries. Executor must file final report in court and close the estate.