In my family, a situation may arise in which separate wills for separate things MAY be required to be made by my mother. Different executors/beneficiaries for bank accounts/financial instruments and different executors/beneficiaries for movable properties. What precautions would you recommend? For example, one precaution would be that there should not be any overlap between the two wills, each one's scope must be clear. (Residuary clause be removed.) Consider the following scenario: WILL 1 - Deals only with mother's bank accounts and financial instruments. WILL 2 - Deals only with mother's properties. (Different executor/different beneficiary) Please give your comments on how this can be done (without overlap/confusion) as well as the problems that may arise. Thank you.
1) it is advisable that one will be executed for movable and immovable properties
2) For the convenient administration of his estate, the law permits a person to make more than one will in respect of different items of his property and to appoint different executors in respect of different parts of his property.
3) get the wills drafted by local lawyer
1. There has to be a single ' WILL', even though there may be different executors/beneficiaries.
2. Your mother, while executing WILL, has to have 2 separate portions in the single WILL, one portion for bank accounts/financial instruments and the other portion for movable & immovable properties and mentioning the executors & beneficiaries for each of the things and taking care without any overlapping or confusion between the 2 portions in the single WILL.
Such type of Will is not prescribed law nor it is advisable.
However one can make amendments of terms after making a Will and the subsequent Will is called as Codicil.
So I can not recommend her to make more than one Will for separate properties.
In one Will she can make all arrangements which is advised in all situations.
If you are worried about the overlapping and confusion about the existence of two wills then you can combine both the properties (movable an immovable) in the same will mentioning the as two schedule of properties.
