What is a Will Contract and How Does it Work?
A will contract is a legal agreement whereas the testator, the person who is creating the will, guarantees to dispose of property in exchange for the other contracting party’s promise to perform or not perform a duty. A personmay also create a will contract, in which they agree not to draft a will or revoke an existing one. There are a number of people who may be interested in entering a will contract, such as heirs, engaged couples, and charitable organizations.
A will contract is enforceable all over the UK, and the governing laws are often contract laws and not the law of wills.Check out will writing services in Norwich for a professional firm which specialises in wills. Should a contract not be valid according to contract law,then the testator’s will is subject to inheritance laws along with will and trust laws.The legal remedy for a will contract, is usually not the same to what is available in laws that govern wills and trusts. The contracting party can sue the testator’s estate for a breach of contract, but the party may not be capable in seeking injunctive relief in probate court.
To Be or Not to Be
For instance, if a caretaker has agreed to live with someone and provide homemaking services in exchange for the testator’s promise to bequeath his house to that person in a will, and should the testator then not leave the house to the caretaker, then the caretaker is often not able to get a probate court to transfer the house to him or her.
The caretaker’s alternative in such a case is to sue the estate for the value of the house based on contractual law. This is the reason why some legal experts may advise against entering into a will contract, in the first place and will naturally all depend on certain circumstances and situations.
Legal Requirements and Validity
Like most other forms of contracts, a will contract must meet certain legal requirements for it to be deemed valid. To start with, both parties must provide something of value or exchange promises to perform. For instance, a husband can agree to bequeath property to his wife’s adult children from a previous marriage in exchange for the wife giving the husband a portion of stock shares that she owns, which are not considered common property.
All parties must make a mutual agreement in the contract and clearly display the mental capacity to enter and sign the contract. Spoken will contracts can at times pose somewhat of a challenge in proving the existence of the contract and the clear intent of the parties, which is why it is legally required that a will contract,must be put down in writing in order for it to be on any validity.
As you can see, this is why most people prefer to acquire the help of legal professionals to make sure that every part of a will is clearly taken care of without any misdemeanours.