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NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Basics of Estate Planning

Ms. Kavya Menon wants to leave her flat to her niece but wishes to retain the freedom to change her mind at any time during her lifetime. Which feature of a will is most relevant here?

A will is ambulatory and revocable: it takes effect only on the testator's death and can be changed or cancelled any time before that, even if registered. Changes may be made using a codicil or by making a new will.

  1. AA will is ambulatory and revocable until the testator's death, and takes effect only on deathCorrect
  2. BA will becomes irrevocable once it is registered
  3. CA will takes effect immediately on signing, even during the testator's life
  4. DA will cannot be altered by a codicil after it is signed by witnesses

Explanation

A will operates only after death and can be revoked or modified at any time during the testator's lifetime, even if it was registered. Changes can be made through a codicil or a fresh will. Hence the other statements are incorrect.

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