Virgin Islands Agreement to Execute Mutual Wills
Description
How to fill out Agreement To Execute Mutual Wills?
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FAQ
While the Indian Succession Act does not make it compulsory to appoint an executor of a Will, this is one of the most important decisions of a testatoran executor is absolutely critical and should always be clearly appointed.
A joint will is one document signed by two people. A mutual will represents two individual wills that are signed separately, but are largely the same in content.
The executor appointed should be of 18 years of age and also of sound mind. Substitute executors shall be appointed in case the original executor denies to fulfil his duties when actual action is warranted. The executor appointed may be either a beneficiary to the will or a third person(in case a dispute seems likely).
A will does not have to be dated to be valid, however it is important that it is to ensure it is the last will of the deceased. There is a presumption of due execution if, on the face of it, a will is properly executed.
Can a spouse ever change his or her will? Yes, under some circumstances. If no consideration is provided for the mutual wills, except the mutual agreement of the spouses, either spouse can change the will prior to the death of the first spouse. However, the change cannot be done in secret.
The term 'mutual Wills' is used to describe joint or separate Wills made as a result of an agreement between the parties to create irrevocable interests in favour of ascertainable beneficiaries.
An executor can be a beneficiary but it is important to ensure that he/she does not witness your will otherwise he/she will not be entitled to receive his/her legacy under the terms of the will.
Basically, yes. If an executor to a will can also be a beneficiary of that will, then the executor directly does benefit from that will. For example, a brother and sister or husband and wife may appoint the other person as the executor of and beneficiary to the same will.
The law on Mutual Wills is highly complex and we would recommend that professional advice be sought on a case by case basis. The Wills cannot be revoked unilaterally.
Taking a look at a commonly asked question, Can my husband leave me out of his will? In England and Wales the law respects the principle of 'testamentary freedom'. This basically means we are all free to make a will leaving our property to whoever we want.
