Auctioneer Practice Exam

What are legal requirements for a valid will?

1. Only two witnesses and no special wording required

2. Sound mind, age of majority, proper wording, no undue influence, and witnesses

3. An oral agreement between parties

4. Just a signature by the estate owner

The correct answer is: Sound mind, age of majority, proper wording, no undue influence, and witnesses

The correct choice highlights the essential legal requirements that ensure a will is considered valid. These criteria include that the testator must be of sound mind, which means they are capable of making informed decisions about their estate. Additionally, the testator must meet the age of majority, typically 18 years old, depending on jurisdiction, which ensures they have the legal capacity to execute a will. Proper wording is critical as it provides clear intent regarding the distribution of the testator's assets. The requirement of witnesses serves as a safeguard against fraud and ensures that the will reflects the true intentions of the testator without coercion or undue influence from others. Having witnesses verify the signing of the will creates a layer of protection that is recognized by courts for legal proceedings. Other options don't encompass all necessary legal elements; for example, just having two witnesses or a signature alone is insufficient, and an oral agreement can lack the formalities required to be legally binding, often leading to disputes. Therefore, the comprehensive criteria in the correct choice effectively encapsulate what is needed for a valid will.