**Should I list every bank account separately? **
Yes. It is highly advisable to list each account number individually and specify the beneficiaries for each.
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Why? This ensures clarity for the Executor.
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Closed Accounts: If a Fixed Deposit (FD) or savings account listed in the Will no longer exists at the time of death, it will simply be ignored (adhered/abated) and will not invalidate the Will.
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New Accounts: If the client opens new accounts after writing the Will and forgets to update it, these will automatically fall under the Residuary Estate clause.
Joint Accounts with Minors
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Can a client will their share to the joint holder? Yes. A client can will their share of a joint account to the other holder, even if that holder is a minor (child).
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How does it work? The Executor will hold the minor's share on trust until the child reaches the age of majority (18 years old). The Executor manages the funds during this period.