What exactly is a Will Contract?

Something known as a will contract is a legal agreement where the testator, (i.e. the person creating the will), promises to dispose of property in exchange for the other contracting party’s guarantee to perform or not perform a duty. The person might also make a will contract, in which they agree not to draft a will or cancel an existing one. There are some people who may be interested in entering a will contract, such as heirs, engaged couples, and charitable organizations.

A will contract is legitimate all over the UK, and the governing laws are usually contract laws and not the law of wills. If a contract is not deemed valid according to contract law, then the testator’s will is subject to inheritance laws along with will and trust laws. The legal solution for a will contract, is usually not the same to what is applicable in laws that govern wills and trusts. The contracting party may sue the testator’s estate for a breach of contract, although the party might not be able to seek injunctive relief in a probate court.

Getting the Best Advice

A professional will service in Cambridgeshire, should be contacted to assist in making all the right decisions. For example, if a caretaker has assented to live with somebody and offer homemaking services in exchange for the testator’s guarantee to hand down his or her home to that person in a will, and should the testator then not leave the house to the caretaker, then the caretaker is usually not able to get a probate court to transfer the home to him or her.

The caretaker’s option in such a case is to sue the estate for the value of the home according to contractual law. This is why some legal professionals might advise against entering into a will contract in the first place, but will naturally all depend on certain circumstances and conditions.

Mutual Agreements and Validity

Just like many other types of contracts, a will contract must meet definite legal requirements for it to be legally valid. To start with, both parties must furnish something of value or exchange promises to perform. For example, a husband may agree to bequeath property to his wife’s adult children from a previous marriage, in exchange for the wife to hand over to him an amount of stock shares that she owns, which are not deemed common property.

All parties will have to make a mutual agreement in the contract and have the mental capacity to enter and sign the contract. Spoken will contracts may at times pose a challenge in proving the existence of a contract and the intention of the parties, which is why it is legally necessary that a will contract, must be put down in writing for it to be of any validity.

As you can clearly see, this is why many people choose to acquire the assistance of legal professionals in making sure that every single part of a will is clearly understood and taken care of without any transgressions.