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ESTATE PLANNING: POINTS TO KEEP IN MIND WHILE MENDING A WILL

If a new will is being made, the testator must review his earlier bequests and if required, modify or retain the same in the new one so that there is no ambiguity between the two. A will is a legal declaration of the intention of a testator with respect to his property. If a person dies without making a will, he is said to have died “intestate” and in such a case, his property is inherited by his heirs in accordance with laws of succession. If the contents of the will need to be changed due to a change of circumstances, it can be done either by a codicil (addendum) to the existing will or by completely replacing the will. However, the following points should be kept in mind while changing a will. REVOCATION OF OLD WILL While making a new will or codicil, the testator should mention about earlier … Read More